Riot gains 4.7% as JPMorgan lifts target

• Riot Platforms shares rose 4.7% to $19.91 after JPMorgan raised its target to $22.
• JPMorgan kept its Overweight rating after Riot secured a 20-year data centre deal.
• The agreement could generate $9.1 billion in revenue over its initial term.

Riot Platforms shares rose 4.7% to $19.91 after JPMorgan raised its target to $22.

JPMorgan lifted its target from $20 while keeping its Overweight rating on the stock.

JPMorgan analysts said Riot was “building momentum” after securing its latest data centre agreement.

The 20-year deal covers 191 megawatts of capacity at Riot’s Rockdale site in Texas.

Riot expects the agreement to generate about $9.1 billion in revenue through June 2048.

Two five-year extension options could raise the potential deal value to $16.1 billion, according to Riot.

Following the announcement, Riot Platforms’ share price was up 4.7% at $19.91, while Bitcoin (CRYPTO:BTC) traded near $64,399.51.