J.P. Morgan cut its Cipher Digital (CIFR) price target to $18 from $22 but kept its Overweight rating, after the stock fell 77% from its June high. The new target still sits 162% above the last close of $6.86. Following the third-quarter report, revenue fell to $26.7 million from $71.7 million a year earlier, while the company committed to cover cost overruns at Barber Lake and issued $850 million of 0% convertible notes. Analysts expect 2027 revenue to rise to $849 million, but the 2027 EPS estimate has fallen to $0.22 from $0.52 three months ago. Wells Fargo's target is $15 and KBW's is $11.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: J.P. Morgan’s $18 Target Says Cipher Digital’s Selloff Went Too Far
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