Equities research firm and financial broker Rosenblatt Securities issued a ‘Buy’ rating for Bitcoin miners-turned-AI factories Cipher Mining (Nasdaq: CIFR), MARA (Nasdaq: MARA) and Hut 8 (Nasdaq: HUT) following quarterly earnings.
Cipher’s shares rose after the company announced a 15-year, 300-megawatt hosting agreement with Amazon Web Services valued at $5.5 billion. Cipher’s first HPC contract with Fluidstack in September signals growing hyperscaler demand for power and computing infrastructure. Cipher also added a 1-gigawatt development site in West Texas, bringing its power pipeline above 3 gigawatts.
Rosenblatt raised Cipher’s price target to $33 from $25 due to stronger earnings outlook and accelerating shift from Bitcoin mining to HPC hosting. Revenue for the third quarter rose 65% sequentially to $71.7 million as Cipher mined some 689 Bitcoin and expanded total hashrate to 23.6 exahash per second.
MARA reported third-quarter revenue of $252.4 million, up 92% from a year earlier, driven by higher Bitcoin prices and a growing self-mining fleet. The company mined 2,144 Bitcoin in the quarter and ended September with 52,850 Bitcoin on its balance sheet, nearly double the prior year.
However, MARA’s price target was dropped to $22 from $25, as Rosenblatt cut 2026 estimates by some 10% due to limited details on new initiatives and slower hashrate growth. MARA announced a new partnership with MPLX to develop up to 1.5 gigawatts of power and data center capacity in Texas as part of a broader pivot toward artificial intelligence workloads.
Mara kept its Buy rating backed by nearly $7 billion in cash and Bitcoin holdings and expected improvement in execution next year.
Lastly, Hut 8 posted stronger-than-expected third-quarter results as its Compute segment benefited from the exercise of a 15-exahash purchase option by American Bitcoin (Nasdaq: ABTC).
Rosenblatt gave Hut 8 a Buy rating with a $65 price target due to improved profitability from higher utilization, lower power costs, and tighter expense control. Hut 8’s development pipeline rose to 8.65 gigawatts, with more than 1.5 gigawatts of new projects advancing into active build-out across Louisiana, Texas, and Illinois.
Hut 8 also ended the quarter with 26.8 exahash of total hashrate, including 25 exahash operated by subsidiary American Bitcoin, which recently completed its merger with Gryphon Digital Mining.
