BTIG Reiterates Buy Rating and Top Pick on Riot Platforms (RIOT)

BTIG analyst Gregory Lewis reiterated a Buy rating and $28.00 price target on Riot Platforms (NASDAQ: RIOT).

The analyst commented: "Longer-term (thinking later this year) AMD has an expansion option for 75MW and ROFR on an additional 100MW (both IT load), which based on the initial deal terms would represent ~$2.2B of revenue over 10-years, but we note pricing could look different owing to the larger scale of subsequent build outs. Additionally, while RIOT has secured an HPC customer at Rockdale, we have always viewed their ~1GW of power infrastructure capacity at their Corsicana site (land is already owned) outside of Dallas as their more attractive potential HPC data center location (channel checks point to Corsicana as being one of the most attractive large scale data center locations in the US). Bottom line: With the Rockdale land now owned and soon to be generating HPC revenue, RIOT has two blue chip data center locations with roughly 1GW of additional IT capacity (excludes IT load on options) to be contracted. We reiterate our Buy rating and $28 PT."

For an analyst ratings summary and ratings history on Riot Platforms click here. For more ratings news on Riot Platforms click here.

Shares of Riot Platforms closed at $16.57 yesterday.

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