JPMorgan analysts upgraded emerging data center company Cipher Mining (CIFR) due to lucrative deals with Amazon’s AWS and Fluidstack, predicting more upside. The company operates Bitcoin mining operations in the U.S., focusing on energy-efficient data centers and green practices. With strong deals and analyst sentiment, the stock has seen significant gains.

Cipher Mining is transitioning to an AI infrastructure supporting data centers and HPC, entering strategic partnerships. It announced a 10-year HPC colocation agreement with Fluidstack and a 15-year hosting deal with AWS. Financially, the company reported a 197.5% YOY revenue increase in Q3, but Wall Street forecasts a bottom line loss.

Analysts are bullish on Cipher Mining, with price targets up to $30. JPMorgan, Citizens, BTIG, and Canaccord Genuity maintain ratings ranging from “Strong Buy” to “Market Outperform,” citing the company’s transformation and lucrative deals. The consensus price target of $25.04 indicates a 27.2% upside potential.

Read more at Yahoo Finance: JPMorgan Says This Data Center Stock Can Gain Nearly 30% From Here