Roth MKM analyst Darren Aftahi lowered the firm’s price target on Riot Platforms to $20 from $25.50 and keeps a Buy rating on the shares. Riot’s Q1 surprised with higher costs from network growth, miner repairs, and its Corsicana expansion, but much of those incremental costs should begin to be spread out over more BTC produced as Riot remains on track to more than double its hash rate by the end of the year, the analyst tells investors in a research note. The firm likes the risk/reward.
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