Northland analyst Mike Grondahl lowered the firm’s price target on Riot Platforms to $9 from $10 and keeps an Outperform rating on the shares after the company reported December quarter revenue and said it ended the quarter with 6,974 Bitcoin on the balance sheet. The firm’s 2023 revenue and adjusted EBITDA estimates were both lowered following the update, though Northland noted it has Bitcoin at $21,500 for the remainder of 2022 and 2023, which "may prove conservative."
Published first on TheFly
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Read More on RIOT:
- Riot Platforms price target lowered to $8 from $11 at B. Riley
- Riot Announces February 2023 Production and Operations Updates
- Riot Platforms produced 675 BTC in February, up 55% from last year
- Riot Reports Full Year 2022 Financial Results, Current Operational and Financial Highlights
- Riot Platforms reports FY22 adjusted EPS (47c), consensus ($2.78)
