Bernstein Initiates Coverage of Riot Platform With $22 Price Target

IconCryptoNewsTerminal Staff29 May, 2024

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Bernstein Initiates Coverage of Riot Platform With $22 Price Target

Riot Platform (NASDAQ: RIOT), a leading crypto miner, has received an Outperform rating and a $22 price target from Wall Street investment bank Bernstein. In a report, Bernstein cited Riot's strong financial position, with no debt and over $1.3 billion in cash and BTC on its balance sheet. This financial strength, according to Bernstein, gives Riot the capacity to pursue acquisitions such as its recent purchase of a 9.25% stake in Bitfarms. The acquisition, along with Riot's plans to make a public tender offer for the rest of Bitfarm's shares, could further solidify Riot's position in the crypto mining industry. Riot Platform's shares closed at $10.34 on Monday, indicating significant potential upside based on Bernstein's $22 price target.

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