Riot Platforms (Riot) collected consecutive updates from Wall Street on Friday, with JPMorgan and Citigroup raising their perspectives in the Bitcoin miner in the middle of the economy of the changing industry and a change towards high performance computer science.
JPMorgan increased Riot to neutral overweight and raised his target price to $ 19 from $ 15, calling him the most attractive among his mining companions. Citi was updated to buy Neutral and raised its target price to $ 24 from $ 13.75. Both companies pointed out Riot’s pivot towards artificial intelligence and cloud services as a potential growth driver as mining profits harden. Riot modestly exceeded a much lower sector on Friday, decreasing “only” 1.2% to $ 16.55.
Together with his Riot update, JPMorgan reduced the Iran previously very hot at low neutral weight. The shares have dropped 9.7% on Friday, but even higher by 300% in the year they will be held. Cleanspark (CLSK) was reduced to neutral and is lower at 9.3% on Friday and higher by 34% in the year to date.
The bank maintained its purchase rating in Cipher Mining (CIFF), and doubled its target price at $ 12 from $ 6. The shares were 3.5% lower to $ 11.20 at the time of publication.
Mara Holdings (Mara) remained overweight, with a reduced price objective of $ 20, below $ 22. The share was 1% lower around $ 15.90 in early negotiation.
JPMORGAN analysts are assigning a 50% probability that Riot, Cipher and Iran Safe, using the 800 MW Core Scientific (CORZ) agreement as a reference point. HPC Colocation bank values ​​hire $ 3.7 million to $ 8.6 million per gross megavatio (MW).
Read more: Bitcoin’s mining profitability fell in August, says Jefferies
