B. Riley analyst Lucas Pipes lowered the firm’s price target on Riot Blockchain to $11 from $13 and keeps a Buy rating on the shares post the Q3 miss. Stronger hosting revenue was more than offset by higher than expected mining and hosting costs, Pipes tells investors in a research note. However, the analyst believes Riot’s "debt-free balance sheet and partially fixed power pricing proves to be a distinct competitive advantage."
Published first on TheFly
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