JPMorgan Says Bitcoin Miners Are Entering A ‘Higher-Conviction Phase’: Here Are Its Price Targets
Cipher Mining Inc. (NASDAQ:CIFR) and CleanSpark Inc. (NASDAQ:CLSK) were upgraded on Monday after JPMorgan refreshed its Bitcoin (CRYPTO: BTC) miner outlook and trimmed price targets for several legacy operators.
JPMorgan Highlights Growing HPC Shift
JPMorgan analysts Reginald Smith and Charles Pearce said miners are entering a “higher-conviction” phase of high-power compute transitions as more than 600 megawatts of long-term AI-related deals were signed since late September.
The bank expects miners to announce roughly 1.7 gigawatts of additional critical-IT capacity by late 2026 — equal to about 35% of their approved power footprint.
Their report emphasized the sector’s ability to convert power assets into long-duration HPC revenue as a defining advantage over traditional mining models.
Cipher Upgraded To Overweight After Major HPC Wins
Cipher Mining was raised to Overweight from Neutral, with its December 2026 price target lifted to $18 from $12.
The analysts pointed to Cipher’s recent 410-megawatt HPC contracts and a share-price pullback of about 45% from recent highs, calling the level an attractive entry point.
The bank expects Cipher to secure about 480 megawatts of critical-IT capacity by 2026, representing roughly 64% of its approved footprint.
JPMorgan said long-duration sites planned for 2028–2029 could support higher valuations if the company executes a full HPC transition.
CleanSpark Wins Upgrade …
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