Riot Platforms Stock (RIOT) Scores Multiple Wall Street Upgrades as Bitcoin Momentum Builds

Wall Street's warming up to Bitcoin miners—and Riot Platforms just became analysts' favorite pick.

Upgrade Frenzy Hits Mining Sector

Multiple brokerages simultaneously boosted RIOT's rating this week, signaling renewed institutional confidence in Bitcoin infrastructure plays. The upgrades come as hash rate recovery and energy-efficient operations position Riot as a sector leader.

Bitcoin's Halving Payoff

With the 2024 halving now demonstrating predictable supply shock effects, miners with scale advantages are capturing disproportionate rewards. Riot's Texas operations and power management strategies create a margin buffer competitors envy.

The Institutional U-Turn

Just months after writing off mining stocks as cyclical gambles, Wall Street suddenly remembers how to spell 'asymmetric upside'—conveniently timed with Bitcoin's 30% quarterly gain. Because nothing opens purse strings like watching early investors triple their money.

Miners aren't just betting on Bitcoin's price anymore—they're becoming the infrastructure backbone of digital asset ecosystems. And for once, Wall Street's actually reading the blueprint.

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Analysts at JPMorgan Chase (JPM) and Citigroup (C) have each raised their ratings and price targets on RIOT stock, citing changing industry economics and a shift toward high-performance computing at the company, which specializes in Bitcoin (BTC) mining.

JPMorgan Chase lifted its rating on Riot to a Buy-equivalent overweight from neutral and raised its price target to $19 from $15, calling it the most attractive investment option among cryptocurrency miners. Citigroup raised its rating on the stock to Buy from a Hold-equivalent neutral and lifted its price target to $24 from $13.75.

AI Impacts

In their assessments of RIOT stock, both JPMorgan and Citigroup highlighted Riot Platforms’ pivot to artificial intelligence (AI) and cloud-computing services as providing potential future catalysts and growth drivers. Those are important as mining profitability tightens, said the banks.

Along with its upgrade of RIOT stock, JPMorgan Chase downgraded rival crypto miner IREN (IREN) to a Sell-equivalent underweight rating, and took the stock of CleanSpark (CLSK) down to a neutral rating from Buy previously. JPMorgan said it was reevaluating the entire crypto mining sector.

Is Bitcoin a Buy?

Most analysts don’t offer ratings or price targets on Bitcoin. So instead, we’ll look at the three-month performance of BTC. As one can see in the chart below, the price of bitcoin has risen 5.02% in the last 12 weeks.