BTIG Rates Cipher Digital (CIFR) buy, $35 Price Target

On June 25, 2026, research firm BTIG stayed optimistic on Cipher Digital Inc. (NASDAQ: CIFR). Analyst Gregory Lewis reiterated his buy rating on the technology company, setting his price target at $35.0. The decision underscores confidence in the company's positioning within the digital infrastructure sector as it expands its footprint.

On Thursday, shares of Cipher Digital traded at $25.94. The stock has shown significant movement over the past year, trading between a 52-week low of $8.79 and a 52-week high of $30.14. Its 50-day moving average stood at $16.27, while its longer-term 200-day moving average was recorded at $18.23. The firm currently has a market valuation of approximately $4.17 billion.

Business Drivers and Financial Performance

Cipher Digital's financial results show a business navigating a transition phase. The company reported annual revenue of $191.09 million, which represents a revenue decline of 0.43% from the prior period. Additionally, the firm is not yet profitable, posting a negative earnings per share of -$2.87 and a return on equity of -1.67485%.

Despite these near-term profitability hurdles, the forward P/E ratio is estimated at 44.853466, signaling that analysts anticipate a significant earnings turnaround in the coming year. The company's balance sheet remains liquid, with a current ratio of 2.996, though its quick ratio of 0.618 indicates some capital is tied up in less liquid assets. Its high debt-to-equity ratio of 950.563 reflects a capital-intensive strategy to build out major infrastructure projects.

Analysts Set New Price Targets

Other Wall Street firms have also adjusted their views on Cipher Digital recently. On October 16, 2026, Cantor Fitzgerald maintained its Overweight rating but lowered its price target to $19.0 from a previous $28.0. A few days earlier, on October 12, 2026, Morgan Stanley kept its Overweight rating, trimming its price target slightly from $54.0 to $51.5. This followed an earlier move by Morgan Stanley on September 18, 2026, where the firm had actually raised its target from $43.5 to $54.0.

New coverage has also emerged. On September 23, 2026, UBS started coverage on the stock, issuing a Buy rating alongside a target of $23.0. On September 21, 2026, Rothschild & Co initiated coverage with a Neutral rating and an $18.0 target. Meanwhile, Freedom Capital Markets started coverage on September 18, 2026, with a Hold rating and a $22.0 target, and Wells Fargo initiated an Overweight rating on September 17, 2026, with a target of $25.0. Rosenblatt also maintained a Buy rating on September 10, 2026, keeping its price target at $30.0. Across 22 total analyst opinions, the stock carries a strong buy recommendation, with an average price target of $29.95.

Behind the Digital Infrastructure of Cipher Digital

Cipher Digital Inc. builds and runs large industrial-scale facilities. The New York-based business focuses on hosting high-performance computing workloads for hyperscale tenants and managing power facilities for bitcoin mining. Formally known as Cipher Mining Inc. until a name change in early 2026, the company is actively shifting its focus toward high-performance compute hosting to meet the growing demands of artificial intelligence and enterprise cloud customers.

What to Watch at Cipher Digital Inc.

Market participants will be closely watching the company's next earnings release, which is scheduled for November 2, 2026. This upcoming report will give the market a clearer look at how quickly the company is converting its development pipeline into active, revenue-generating hosting contracts. Investors should note that while analyst ratings offer valuable perspective, they are opinions based on projected growth and are subject to change as market conditions evolve.