Riot Platforms Upgraded by JPMorgan, Citi Amid AI and Cloud Shift

Riot Platforms (RIOT) received upgrades from JPMorgan and Citigroup, highlighting its shift towards high-performance computing as a growth driver amid tighter mining profits.

Bitcoin miner Riot had its rating increased by JPMorgan to overweight with a new price target of $19, up from $15. Citigroup upgraded it to buy, raising the target to $24 from $13.75.
Both firms noted Riot's expansion into artificial intelligence and cloud services.
Riot's stock fell 1.2% to $16.55, outperforming the broader sector downturn.
JPMorgan downgraded IREN to underweight; its shares dropped 9.7% but are up 300% year-to-date.
CleanSpark (CLSK) was also downgraded to neutral, and its shares decreased by 9.3% but are up 34% year-to-date.
Cipher Mining (CIFR) maintained a buy rating, with its price target doubled to $12. Shares fell 3.5% to $11.20.
MARA Holdings (MARA) retained an overweight rating, though the price objective was reduced to $20 from $22.
There is a 50% probability that Riot, Cipher, and IREN will secure HPC colocation agreements, potentially valued between $3.7 million and $8.6 million per megawatt.