JPMorgan Downgrades Riot Platforms (RIOT) to “Neutral” Amid Stretched Valuation

Riot Platforms, Inc. (NASDAQ:RIOT) is one of the best performing crypto stocks so far in 2025. On July 28, JPMorgan downgraded Riot Platforms’ stock rating to “Neutral” from “Overweight.” Concurrently, the firm raised its price target for RIOT shares to $15.00, up from the previous target of $14.00.

Riot Platforms saw its shares surge 42%, outpacing both Bitcoin and the CoinShares Bitcoin Mining ETF, which each rose 20%. Despite this strong performance, JPMorgan downgraded the stock, citing its valuation as “a little stretched” and suggesting further gains would hinge on either a high-performance computing (HPC) deal or continued appreciation in Bitcoin prices.

While JPMorgan acknowledged Riot’s potential to expand into HPC services and diversify its revenue beyond crypto mining, the uncertain timeline for such a move prompted a more cautious outlook. Still, the firm nudged its price target slightly higher.

Riot Platforms, Inc. (NASDAQ:RIOT) is a Bitcoin mining and digital infrastructure company. It develops and operates large-scale data centers for high-performance computing and cryptocurrency mining, with flagship sites in Rockdale and Corsicana, Texas. Riot follows a vertically integrated strategy, combining mining operations with in-house engineering and power procurement capabilities. Riot’s main product is bitcoin, generated through proprietary mining rigs and strategic infrastructure investments.

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Disclosure: None. This article is originally published at Insider Monkey.