Wall Street Cuts Cipher Mining (CIFR) and TeraWulf (WULF) Price Targets

3 days ago 7

Joel South

Wed, March 11, 2026 astatine 8:56 AM CDT 6 min read

Cipher Digital (CIFR) has $9.3B successful contracted HPC gross from 15-year AWS and 10-year Google/Fluidstack leases targeting October 2026 energization, though Keefe Bruyette chopped its terms people to $20 from $22 citing little hash prices and higher spending. TeraWulf (WULF) holds $12.8B successful semipermanent contracted HPC gross with 522 MW of captious IT capacity, but Keefe Bruyette trimmed its people to $23 from $24 to bespeak elevated superior spending and TeraWulf’s anticipated mining exit by year-end.
Both companies are transitioning from bitcoin mining to HPC information halfway operations arsenic bitcoin prices decline, making their scheduled mining exits strategically rational and shifting capitalist absorption wholly to their quality to energize contracted information halfway capableness connected docket successful 2026.
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Keefe Bruyette trimmed terms targets connected 2 bitcoin-mining-turned-HPC infrastructure companies Wednesday, citing higher spending, reduced hash prices, and the imminent exit from bitcoin mining for some firms. Despite the cuts, the steadfast kept Outperform ratings connected both Cipher Digital (NASDAQ:CIFR) and TeraWulf (NASDAQ:WULF), arguing that the marketplace is being excessively blimpish connected the worth of their existing HPC lease portfolios and 2026 leasing prospects.

Ticker

Company Name

Firm

Old → New Rating

New Price Target

One-Line Takeaway

CIFR	Cipher Digital	Keefe Bruyette	Outperform (maintained)	$20 (from $22)	Rating intact; people trimmed connected little hash terms and higher spend, but expert sees lease worth underappreciated
WULF	TeraWulf	Keefe Bruyette	Outperform (maintained)	$23 (from $24)	23% pullback from 52-week precocious called an "appealing buying opportunity" by analyst

For Cipher Digital, Keefe Bruyette reduced its 2026 and 2027 gross and EBITDA estimates, pointing to 3 drivers: reduced hash price, the company's anticipated exit from bitcoin mining successful 2027, and higher spending. The steadfast lowered its terms people to $20 from $22 but maintained its Outperform rating. The halfway bull lawsuit rests connected the analyst's presumption that the marketplace is overly discounting Cipher's existing leases oregon being excessively blimpish connected its 2026 leasing activity.

For TeraWulf, Keefe Bruyette chopped its terms people to $23 from $24, trimming EBITDA estimates to bespeak higher spending and equity-method accounting for the Abernathy associated venture. The steadfast besides noted it sees TeraWulf exiting mining by year-end. Like Cipher, the standing stayed astatine Outperform, with the expert framing the 23% stock pullback from the 52-week precocious connected February 25 arsenic an "appealing buying opportunity" and arguing that investors are over-discounting existent lease worth oregon adopting an overly blimpish presumption of the company's 2026 lease signings.

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