J.P. Morgan analyst Reginald Smith has maintained their bullish stance on RIOT stock, giving a Buy rating today.
Reginald Smith has given his Buy rating due to a combination of factors that highlight Riot Platforms’ promising operational and financial performance. Riot reported record revenue and profit, demonstrating significant improvements in mining efficiency. Despite higher operating costs, partly due to non-recurring M&A expenses, the company is making strides in operational efficiency, as evidenced by its increased mining uptime.
Moreover, Riot’s strategic acquisition of E4A Solutions is expected to enhance its Engineering segment by reducing volatility and improving margins. The company is also well-positioned to capitalize on high-performance computing (HPC) opportunities, given its unique site characteristics and ongoing interest from major tech companies. With a strong balance sheet and plans for expansion funded by existing cash reserves, Riot is poised for continued growth, supporting the Buy recommendation.
In another report released today, KBW also maintained a Buy rating on the stock with a $17.00 price target.