Riot Platforms upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Reginald Smith upgraded Riot Platforms to Overweight from Neutral with an unchanged price target of $15. Riot currently operates 12.4 EH/s at its 700MW Rockdale facility, and plans on energizing nearly 20 EH/s at its new 1GW Corsicana facility throughout 2024, which will also improve the company’s fleet efficiency and mining economics, the analyst tells investors in a research note. The firm thinks Riot has a more visible path to growth than other publicly listed miners that need to acquire smaller sites or buildout greenfield facilities to reach near-term hash rate targets.