Keefe Bruyette has lowered the target stock price of Cipher Digital (CIFR) from $22 to $20 and reduced the target price of TeraWulf (WULF) from $24 to $23, citing declining computing power prices and increased capital expenditures. Both companies are transitioning from Bitcoin mining to high-performance computing (HPC) data centers, and analysts maintain a "market outperform" rating. The analyst believes the market has underestimated their signed HPC contract revenues—$9.3 billion for Cipher and $12.8 billion for TeraWulf—as well as leasing prospects through 2026.