Cipher Mining (CIFR) and TeraWulf (WULF) Get Morgan Stanley Nod; Marathon (MARA) Rated Underweight

Morgan Stanley initiated coverage on three publicly traded bitcoin miners, assigning Overweight ratings to Cipher Mining (CIFR) with a $38 price target and TeraWulf (WULF) with a $37 target, while rating Marathon Digital (MARA) as Underweight. The bank's thesis views certain miners as infrastructure plays, valuing them based on stable, long-term cash flow from leased data centers, similar to REITs. Cipher Mining is seen as fitting this "REIT endgame" model well, and TeraWulf also aligns due to its data center expansion plans. Conversely, Marathon received an Underweight rating because its hybrid approach, heavily reliant on acquiring bitcoin and convertible notes, keeps its value tied to volatile crypto prices, limiting upside from data center conversions.

(Source：Bitcoin Magazine)