Jun. 9 at 5:52 PM
$RIOT Riot Platforms price target raised to
$37 from
$23 at Keefe Bruyette
RIOT
1:19 PM
Keefe Bruyette raised the firm's price target on Riot Platforms to
$37 from
$23 and keeps an Outperform rating on the shares. The firm says a Corsicana visit strengthened its confidence in Riot's data center team and the company's ability to execute tier-3 capacity leases across Corsicana and Rockdale in the near term. While miner colocation pipelines are increasingly priced into shares, Riot shares reflect 59% of total tier-3 capacity, the analyst tells investors in a research note. Keefe continues to see "meaningful upside in outstanding capacity supported by robust demand and active hyperscaler discussions." It believes Riot "stands out" given its secured power, advanced long-lead procurement, and minimal permitting risk.
