Riot Platforms price target lowered to $18 from $19 at Needham

Needham analyst John Todaro lowered the firm’s price target on Riot Platforms to $18 from $19 and keeps a Buy rating on the shares. The firm is updating its Q4 and Q1 revenue and EBITDA estimates for the company to reflect its monthly production numbers and disclosed power curtailment credits through December and January. Needham is also increasing its hash rate forecasts for 2024 to 493 from 429, anticipating 11% of bitcoin network hash rate coming offline post-halving given the recent strength in bitcoin prices, the analyst tells investors in a research note.