H.C. Wainwright on Tuesday turned bullish on Cipher Mining ( NASDAQ: CIFR ), citing strong execution, "best-in-class" mining economics and higher bitcoin ( BTC-USD ) prices. "We are upgrading shares of CIFR to Buy from Neutral on strong execution, best-in-class mining economics, and improved sentiment for BTC," said analyst Mike Colonnese. He noted that the cryptocurrency miner executed well against its growth plans, expanding its hash rate to 4.3 EH/s at January-end from 0.64 EH/s. "Cipher also has a clean balance sheet, and in our view, one of the most capable management teams in the mining industry," he said. H.C. Wainwright raised its 2023 revenue estimate for Cipher ( CIFR ) to $133M from $103M, assuming average BTC price of ~$27K for 2023, up from ~$21K earlier. It also hiked its price target on Cipher ( CIFR ) to $3 from $1.50 (~65% potential upside to last close), above other miner stocks. "We believe CIFR should continue to trade at a premium to peers given its attractive power contracts and scale," said Colonnese. H.C. Wainwright's views contrast SA Quant's stance as well as sell-side ratings . Take a look at Cipher's ( CIFR ) key stats compared with peers .