JPMorgan Raises RIOT Stock Price Target Following Morgan Stanley
Highlights
- JPMorgan maintained buy rating on Riot Platforms and raised price target to $22.
- This comes as the Bitcoin miner recently signed a $9.1 billion Anthropic data center lease deal.
- RIOT stock price jumps more than 1% to $19.34 on Monday.
RIOT stock jumps as JPMorgan raised digital infrastructure Bitcoin mining firm Riot Platforms’ price target. This comes as the company just signed a $9 billion compute deal with AI company Anthropic.
JPMorgan Recommends Buying Riot Platforms, Raises Price Target
Wall Street giant JPMorgan raised the Bitcoin miner’s stock price target to $22 from $20. The investment bank also maintained an ‘Overweight’ rating on the stock.
Analysts at JPMorgan highlighted that Riot Platforms is “building momentum” after signing a $9.1 billion Anthropic data center lease at “attractive economics.” The firm also noted that execution of Riot Platforms’ existing AMD lease remains on track.
Other Wall Street giants have also raised the stock price target. Notably, Morgan Stanley increased its price target on RIOT to $43 from $36 last week. Morgan Stanley maintained a buy rating on the stock.
Riot Platforms reported $174.2 million in Q2 revenue, a 14% increase year-over-year, including $23.2 million in data center revenue. The company’s previous lease signed with AMD and new Anthropic deals have led analysts to a ‘Buy’ rating based on long-term contracted revenue.
RIOT Stock Jumps
RIOT stock price has been volatile, with a major surge last week on a large AI data center deal. The stock saw profit booking and closed at $19.02 on Friday.
The stock is trading more than 1% higher at $19.20 in premarket trading hours today. This comes as Wall Street giants JPMorgan and Morgan Stanley raised price targets on RIOT stock.
According to analysis, RIOT stock is now targeting the 50-day SMA resistance of $23.77 after recent gains. Notably, the stock rejected multiple times at this resistance level. RSI around 41 suggests the momentum is still favoring bears after recent sell-side pressure.
Meanwhile, Bitcoin has also jumped almost 1% in the past 24 hours, with the price currently trading at $63,502. The trading volume has increased further by 68% over the last 24 hours, indicating rise in interest among traders as US and Iran reportedly agreed to extend a 60-day ceasefire.
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