Riot Platforms price target raised to $25 from $18 at Piper Sandler

Piper Sandler raised the firm’s price target on Riot Platforms (RIOT) to $25 from $18 and keeps a Neutral rating on the shares. The firm notes Riot remains in a holding pattern as investors mull the opportunity for the bitcoin miner to sign a hyperscaler deal at either its Corsicana facility outside of Dallas, TX or its Rockdale facility outside of Austin, TX. Piper believes both sites are highly attractive assets to prospective AI/HPC hyperscaler tenant as they provide access to large amounts of power and are close to large metro areas. The past few quarters have proven relatively uneventful from an AI/HPC perspective, but the firm continues to suspect that Riot may be in talks with hyperscalers to eventually convert both sites away from BTC mining.