JP Morgan Initiates Coverage On Riot Platforms with Underweight Rating, Announces Price Target of $6.5
Portfolio Pulse from Benzinga Newsdesk
JP Morgan analyst Reginald Smith has initiated coverage on Riot Platforms (NASDAQ:RIOT) with an Underweight rating and a price target of $6.5.
October 11, 2023 | 2:02 pm
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JP Morgan has initiated coverage on Riot Platforms with an Underweight rating and a price target of $6.5, which could negatively impact the stock's price in the short term.
The Underweight rating from JP Morgan suggests that the analyst believes RIOT's stock is expected to underperform compared to other stocks in the market. The price target of $6.5 also indicates that the analyst believes the stock is currently overvalued. This could lead to a decrease in the stock's price as investors adjust their positions based on this new information.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100