Riot Platforms (RIOT) Soars 11.8% as Bitcoin Targeted to Soar to $200K

We recently published 10 Stocks With 10-60% Upside. Riot Platforms Inc. (NASDAQ:RIOT) is one of the top performers on Monday.

Riot Platforms extended gains for a second day on Monday, jumping 11.81 percent to finish at $19.78 apiece as investors took path from optimism for Bitcoin to break past the $200,000 level and analysts’ positive ratings for its stock.

Riot Platforms Inc. (NASDAQ:RIOT) rallied alongside its counterparts, namely CleanSpark, MARA Holdings, and Galaxy Digital, after the latter’s chief executive turned highly optimistic for Bitcoin to hit the $200,000 territory, assuming a dovish chairman leads the Federal Reserve.

Riot Platforms (RIOT) Soars 11.8% as Bitcoin Targeted to Soar to $200K

In other news, Riot Platforms Inc. (NASDAQ:RIOT) recently earned positive ratings from various analysts.

For its part, Citigroup raised its stock to “buy” from “hold,” while upgrading its price target to $24 from $13.75 previously, following an overall optimism for the high-performance computing (HPC) industry, buoyed by a number of billion-dollar partnerships. Riot Platforms Inc. (NASDAQ:RIOT) is transitioning to HPC services to capture and support the strong demand from the AI market.

Apart from Citi, the Bitcoin miner also gained an “overweight” rating from JPMorgan, an upgrade from the “neutral” previously, while raising its price target to $19 from $15.

While we acknowledge the risk and potential of RIOT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than RIOT and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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