Needham Lifts Price Target on Riot Platforms (NASDAQ:RIOT) to $15, Keeps a Buy Rating

Riot Platforms Inc. (NASDAQ:RIOT) is one of the 13 Crypto Stocks with the Highest Upside Potential. On June 17, Needham analyst John Todaro raised the firm’s price target on Riot Platforms Inc. (NASDAQ:RIOT) to $15 from $12, keeping a Buy rating on the shares. The analyst based the rating upgrade on the significant opportunities present for the company, with one of the primary reasons being its Corsicana site.

A computer engineer working in a futuristic office, programming algorithms to mine cryptocurrency.

The analyst told investors in a research note that the Corsicana site is considered one of the most promising high-performance computing (HPC) locations in the company’s coverage. He further reasoned that in recent checks with neo-cloud operators, Riot Platforms Inc. (NASDAQ:RIOT) found that over 50% of the demand is for inference workloads, and it is continuously growing. Inference workloads require low latency, and the Corsicana site is well-positioned to meet the growing demand with its beneficial location near Dallas and considerable capacity.

Another reason behind the analyst’s optimistic outlook is Riot Platforms Inc.’s (NASDAQ:RIOT) focus on the transition to HPC, expecting advanced discussions with potential tenants by H2 2025. Todaro stated that while a lease is not expected until H1 2026, it could have a substantial financial impact, considerably boosting the company’s share price.

Riot Platforms (NASDAQ:RIOT) is a Bitcoin mining and digital infrastructure company. It operates Bitcoin mining operations in Kentucky and central Texas, along with electrical switchgear engineering and fabrication operations in Denver. The company is divided into two segments: Bitcoin Mining and Engineering. The Bitcoin Mining segment undertakes Bitcoin mining activities, while the Engineering segment manufactures and designs power distribution equipment and custom-engineered electrical products.

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