Riot Platforms (Riot) picked up back-to-back upgrades from Wall Street on Friday, with JPMorgan and Citigroup both raising their views on Bitcoin mines in the midst of changing industrial economy and a shift against high performance computing.
JPMorgan increased rebellion to overweight from neutral and raised its price target to $ 19 from $ 15 and called it most attractive among its mining. Citi upgraded to buy from Neutral and lifted its price target to $ 24 from $ 13.75. Both companies pointed to Riot’s rotation of artificial intelligence and cloud services as a potential growth driver as mining extends. Riot was modestly better than a sharp lower sector on Friday and fell “just” 1.2% to $ 16.55.
Alongside his upgrade of riots, JPMorgan downgraded the previously very hot -handed IREN to underweight from neutral. Shares are 9.7% down on Friday, but still higher with 300% years to date. Cleanspark (CLSK) was cut to neutral and is lower by 9.3% Friday and higher with 34% years to date.
The bank maintained its purchase rating at Cipher Mining (digifr) and doubled its price target to $ 12 from $ 6. The shares were 3.5% lower to $ 11.20 at the time of announcement.
Mara Holdings (Mara) was held by overweight with a reduced price target of $ 20, down from $ 22. The share was 1% lower about $ 15.90 in early trade.
JPMorgan’s analysts assign a 50% probability that riots, chiffer and irre each secure on short -term computing (HPC) Colocation Agreements in the short term (Corz) 800 MW Coreweave (CRWV) Deal as a benchmark. Bank values HPC Colocation contracts to $ 3.7 million to $ 8.6 million per Gross Megawatt (MW).
Read more: Bitcoin mining profitability declined in August, says Jefferies
