Riot Platforms initiated with an Overweight at Piper Sandler

Piper Sandler initiated coverage of Riot Platforms (RIOT) with an Overweight rating and $23 price target Mainstream crypto sentiment, particularly around bitcoin, is improving, and the trend should continue with greater regulatory clarity and a more crypto-friendly SEC under the incoming Trump administration, the analyst tells investors in a research note. Piper expects the price of bitcoin to rise, leading to expanded profitability and larger bitcoin treasuries for bitcoin miners. The firm is bullish on Riot’s opportunity to “significantly scale” its mining operations in the coming years. The build out of its Corsicana facility in Navarro County, Texas, should help the company achieve its goal of tripling mining capacity between now and the end of fiscal 2027, says Piper.