Cantor Fitzgerald raised the firm’s price target on Riot Platforms (RIOT) to $24 from $22 and keeps an Overweight rating on the shares. Riot’s Q3 revenue was was relatively in line with the firm’s estimates, and the company mined a similar number of Bitcoin in 3Q24 as they did in 3Q23, despite the Bitcoin halving, the analyst tells investors in a research note. Should Bitcoin break out meaningfully above new highs, Riot should stand to materially benefit given its size, Cantor argues, adding that the shares have multiple shots on goal for re-rating to occur over the coming months.
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Read More on RIOT:
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- Riot Platforms reports Q3 EPS (54c), consensus (16c)
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