Bernstein Raises Riot Platforms Price Target To $22, Maintains Outperform Rating
Portfolio Pulse from Murtuza Merchant
Bernstein has raised its price target for Riot Platforms (NASDAQ:RIOT) to $22, maintaining an 'Outperform' rating. The optimistic forecast is based on Riot's strategic focus on Bitcoin mining, its extensive power capacity, and its positioning in the cryptocurrency market. Riot is building the world's largest Bitcoin mining data center in Texas, aiming for a 1-gigawatt power capacity. By 2025, Riot is expected to control 8% of the Bitcoin network. Bernstein projects Riot's revenue to grow at a 149.6% CAGR from 2023 to 2025, with an EBITDA of approximately $1.1 billion in 2025.
October 01, 2024 | 3:18 pm
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Bernstein has raised Riot Platforms' price target to $22, maintaining an 'Outperform' rating. Riot's focus on Bitcoin mining and its extensive power capacity are key factors. The company is building a large data center in Texas and is expected to control 8% of the Bitcoin network by 2025.
The raised price target and 'Outperform' rating from Bernstein are likely to positively impact Riot's stock price in the short term. The focus on Bitcoin mining and strategic power management are seen as strong growth drivers, with significant revenue and EBITDA projections.
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