Riot Platforms Receives Price Target Boost Amid Bitcoin Halving Expectations

JP Morgan's Reginald Smith raised their price target on Riot Platforms (NASDAQ: RIOT) by 3.3% from $15 to $15.5 on 2024/04/10. The analyst maintained their Strong Buy rating on the stock.

Smith contextualized their price target move with: "The Bitcoin halving that will occur on April 2024/04/16 could have sweeping implications for the Bitcoin mining industry." The analyst explained that the halving will cut industry revenues in half, triggering a wave of consolidations and business closures, while rationalizing the network hashrate and industry capex, which will ultimately be good for the remaining operators.

This adjustment in price target suggests that JP Morgan's Reginald Smith remains optimistic about the future prospects of Riot Platforms. The increase of 3.3% indicates a positive outlook for the stock, potentially reflecting confidence in the company's ability to navigate the challenges posed by the upcoming Bitcoin halving event.

In addition to the price target change for Riot Platforms, Smith also made adjustments to their portfolio for other companies. They raised their price target on Cleanspark Inc by 7.1%, from $14 to $15, while maintaining a Hold rating. Furthermore, they increased the price target on Marathon Digital Holdings Inc by 3.1%, from $16 to $16.5, and maintained a Strong Sell rating.

It is worth noting that 100% of top-rated analysts currently rate Riot Platforms as a Strong Buy or Buy. This high level of confidence from analysts suggests that the stock is viewed favorably in the market. No analysts see it as a Hold, and there are no recommendations to sell the stock.

However, it is important to consider the recent performance of Riot Platforms. Since the company's last quarterly report on 2023/12/31, the stock price has experienced a decline of 36.2%. Year-over-year, the stock is down 6.7%. These figures indicate that Riot Platforms has not performed as well as the broader market, with the S&P 500 experiencing a decline of 25.6% during the same period.

JP Morgan analyst Reginald Smith is ranked by WallStreetZen in the top 28% out of 4,540 Wall Street analysts. With an average return of 4.3% and a 40.9% win rate, Smith has demonstrated their expertise in the Technology, Financial Services, and Industrials sectors. Their specialization in these areas likely contributes to their in-depth understanding of Riot Platforms and the broader market dynamics impacting the company.

Riot Blockchain, Inc., the parent company of Riot Platforms, focuses on bitcoin mining operations in North America. With its headquarters in Castle Rock, Colorado, the company operates through Bitcoin Mining, Data Center Hosting, and Electrical Products and Engineering segments. As of December 31, 2021, Riot Blockchain, Inc. operated approximately 30,907 miners.

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WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.