Riot Platforms (RIOT) PT Raised to $25 at Piper Sandler
Piper Sandler analyst Patrick Moley raised the price target on Riot Platforms (NASDAQ: RIOT) to $25.00 (from $23.00) while maintaining an Overweight rating.
The analyst commented: "RIOT announces deal with a "frontier AI lab". RIOT shares are trading up ~11% afterhours after announcing a deal with a "frontier AI lab" for 191 MW of critical IT at its Rockdale campus. The deal is expected to generate ~$9.1B in total contract revenue over the 20-year term (two 5yr ext. options) with 96 IT MW expected to be delivered in Dec-2027 and the remaining 95 IT MW in Jun-2028. Alongside the deal at Rockdale, RIOT also disclosed an LOI for the entirety of its Corsicana campus (1 GW of gross capacity) with a single tenant. Bottom line, we are raising our PT to $25 from $23 based on our SOTP analysis (page 2) as today's announced deal was slightly better than our expectation. We remain bullish on RIOT's data center conversion given today's developments."