Riot Platforms (RIOT) PT Raised to $35 at Bernstein SocGen

Bernstein SocGen Group analyst Gautam Chhugani raised the price target on Riot Platforms (NASDAQ: RIOT) to $35.00 (from $30.00) while maintaining an Outperform rating.

The analyst commented: "Riot signed a $9.1Bn 20 year co-location lease (191 IT-MW at Rockdale) with the world’s leading frontier lab - (reported by Bloomberg to be Anthropic). Riot also signed a non-binding LOI with a single tenant for the1GW Corsicana site. We have repeatedly heard from within the industry, Riot’s 1.7GW power assets across two sites (Rockdale and Corsicana) are some of the best sites for building AI data centers - interconnect approved (not subject to ERCOT batch process), urban proximity-low latency. The announcements today lay out a clear scale up path to monetizing these assets with strong revenue visibility. We update our estimates for the deals announced and move price target to $35 (vs $30 earlier).

We update our model to reflect RIOT’s recent financial results and 191 IT-MW AI contract with frontier AI lab. We rate RIOT Outperform PT $35 (vs $30 earlier). The increased target price reflects improved economics for RIOT’s recent 191 IT-MW deal vs our estimates - both in terms of revenue yield and margin conversion."

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