Riot Platforms was upgraded by JPMorgan and Citi due to a strong push in AI and HPC.

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Riot Platforms (RIOT) has just received two consecutive upgrades from JPMorgan and Citigroup, amid the bitcoin mining sector shifting towards high-performance computing (HPC) and AI cloud services.

  • JPMorgan: upgraded RIOT from neutral to overweight, raised the price target from 15 USD → 19 USD, evaluating it as the most attractive company in the mining group.
  • Citigroup: upgraded RIOT from neutral to buy, raised the target price from 13.75 USD → 24 USD.

Both believe that the shift to AI and cloud will be a growth driver as mining profits are increasingly squeezed.

Meanwhile, JPMorgan downgraded IREN ( from neutral to underweight) and CleanSpark (CLSK) ( from buy to neutral), with the stocks of these two companies falling by 9.7% and 9.3% respectively during the session.

The bank still maintains a buy rating on Cipher Mining (CIFR), while doubling the target price from 6 USD → 12 USD. For MARA Holdings (MARA), JPMorgan maintains an overweight rating but lowers the target price from 22 USD → 20 USD.

JPMorgan believes there is a 50% chance that RIOT, CIFR, and IREN will soon sign HPC co-location contracts, using the Core Scientific – CoreWeave (800 MW) deal as a benchmark. The value of HPC contracts is estimated at 3.7 – 8.6 million USD/MW.

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