Jun. 3 at 2:04 PM
$RIOT Bernstein raised the price target for Riot Platforms (RIOT) to
$30 from
$25, while keeping an ‘Outperform’ rating on the firm. The core rationale behind the move was the company’s already operational AI infrastructure business, which the brokerage firm said was reevaluated. Riot reported its first quarter of data center revenue, recording
$33.2 million in AI hosting revenue, an “inflection point" in CEO Jason Les’ words, as the company became a revenue-generating data center operator. A significant part of Riot’s value has also been tied to its planned
$400 million AI expansion site at Corsicana, Texas.
