JPMorgan raised its price target for Riot Platforms (RIOT) to $22 from $20. The bank maintained its Overweight rating on the stock. Analysts cited growing momentum as the company diversifies operations beyond Bitcoin mining.
Riot recently signed a 20-year agreement to lease data center capacity to artificial intelligence firm Anthropic. The deal is valued at $9.1 billion. This agreement positions Riot as a critical digital infrastructure provider for the power-intensive AI sector.
JPMorgan analysts noted the contract features attractive economics. Riot’s existing data center lease with AMD also remains on track. Wall Street is increasingly valuing Bitcoin miners for their power capacity and data center assets instead of cryptocurrency price movements.