Analyst Upgrades Riot For 'Best Relative Upside'; Foresees 134% Growth For Another Bitcoin Mining Stock
Portfolio Pulse from Surbhi Jain
JPMorgan analyst Reginald L. Smith upgraded Riot Platforms Inc (NASDAQ:RIOT) to Overweight, predicting a 35% upside to a $15 price target by Dec. 2024. Smith also sees a 134% growth potential for Iris Energy Ltd. (NASDAQ:IREN), setting a price target of $10.50. Riot's hashrate growth and unique strengths, including industry-leading power contracts and liquidity, are key catalysts. Iris Energy's focus on renewable energy-powered data centers and exposure to AI and HPC opportunities are highlighted. Cipher Mining Inc (NASDAQ:CIFR) was mentioned with a Neutral rating but no price target.
March 20, 2024 | 12:51 pm
News sentiment analysis
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NEUTRAL IMPACT
Cipher Mining Inc mentioned with a Neutral rating by JPMorgan, but no price target was assigned.
A Neutral rating without a price target suggests a lack of strong short-term catalysts or concerns, likely resulting in a neutral impact on the stock price.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
Iris Energy Ltd. receives a bullish outlook from JPMorgan with a $10.50 price target, suggesting a 134% upside, driven by renewable energy focus and AI & HPC opportunities.
The significant upside potential highlighted by JPMorgan, based on renewable energy and tech exposure, could attract investor interest and drive the stock price up.
CONFIDENCE 85
IMPORTANCE 85
RELEVANCE 100
POSITIVE IMPACT
Riot Platforms Inc upgraded to Overweight by JPMorgan with a $15 price target, indicating a 35% upside based on hashrate growth and financial strengths.
The upgrade by a major analyst based on hashrate growth and financial strengths typically leads to positive investor sentiment and potential stock price increase.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100