Cipher Mining Inc.: Morgan Stanley cuts target price to $47.00 from $48.50

On July 20, 2026, Morgan Stanley adjusted its price target for Cipher Mining Inc. (NASDAQ:CIFR), reducing it to $47.00 from the previous $48.50, while maintaining an Overweight rating. The firm continues to view Cipher Mining favorably, particularly due to its established data center infrastructure and potential appeal to investors seeking long-term, stable cash flows.

Morgan Stanley has previously drawn comparisons between Cipher Mining and data center REITs such as Equinix and Digital Realty, noting similarities in business models but also highlighting limitations in growth potential for Bitcoin-focused companies. The firm anticipates that data centers operated by Bitcoin firms may eventually be acquired by REIT-like investors who value predictable, low-risk cash flows.

Cipher Mining Inc. operates as a Bitcoin mining ecosystem in the U.S. and is actively developing its cryptocurrency business. The updated price target reflects ongoing analysis of the company’s positioning in the evolving cryptocurrency and data center markets.