Cipher Digital Stock Price Falls After KBW Target Cut; CIFR AI Data-Center Pivot Faces Test
Cipher Digital shares fell 2.8% to $13.71 after Keefe, Bruyette & Woods cut its price target to $20, citing lower hash prices and higher spending as Cipher exits bitcoin mining. The company projects $9.3 billion in contracted revenue from new AI-focused data center leases starting October 2026. Cipher sold mining assets and cut its hash rate to 11.6 EH/s. CEO Tyler Page said both major projects remain on schedule.