Riot Platforms (RIOT) PT Raised to $15 at Needham, 'Corsicana site is one of the most attractive HPC sites'

Needham analyst John Todaro raised the price target on Riot Platforms (NASDAQ: RIOT) to $15.00 (from $12.00) while maintaining a Buy rating.

The analyst commented: "We believe Riot's Corsicana site is one of the most attractive HPC sites in our universe. In recent checks with neo-cloud operators, we learned that more than half of demand is for inference workloads (and growing), which mostly require sub 5ms rd trip latency to the nearest major city.

Corsicana is the largest site in our universe that can support these workloads (1GW total; 600MW gross NT, ~440MW critical IT), located near Dallas replete with add'l fiber, water access, and more than 630 acres.

Mgmt. is laser focused on transitioning to HPC, and we expect advanced discussions with prospective tenants in 2H '25, but the earliest a lease would come is 1H '26. In a hypothetical lease, we believe Corsicana would contribute $12-16 in share price. We are not modeling a Corsicana lease at this time, but raise our PT to $15 on a higher multiple."

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