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Morgan Stanley Initiates Coverage of Cipher and TeraWulf, Downgrades Marathon Digital

DATA AND AI INFRASTRUCTURE

Morgan Stanley has initiated coverage of bitcoin mining companies Cipher Mining and TeraWulf with Overweight ratings, valuing their data centers as infrastructure assets. Cipher is given a target price of $38 and TeraWulf $37. In contrast, Marathon Digital receives an Underweight rating with a target of $8 due to its focus on bitcoin exposure rather than long-term leases.

Morgan Stanley Initiates Coverage of Cipher and TeraWulf, Downgrades Marathon Digital
Feb 11, 2026, 6:00 AM

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