Citi Raises Riot Platforms Target to $28; Broader Selloff Holds Stock Flat
RIOT•Citi raised Riot Platforms’ price target by 33% to $28 from $21, implying roughly 32% upside from its $21.23 opening price. The upgrade was offset by a broader risk-off selloff following geopolitical remarks, driving RIOT sentiment to bearish and the stock to trade flat in morning trade.
1. Price Target Increase
Citi boosted its Riot Platforms price target from $21 to $28, a 33% increase that implies about 32% upside from the stock’s $21.23 opening price. The firm maintained a Buy rating to reflect its bullish outlook on the bitcoin mining company’s growth prospects.
2. Market Impact and Stock Performance
Geopolitical remarks on U.S.-Iran relations sparked a broad risk-off move that weighed on equities, leaving Riot Platforms trading flat in morning sessions. Despite the analyst upgrade, the wider market downturn prevented any notable gain for RIOT shares.
3. Retail Sentiment Shift
Retail investor sentiment around Riot Platforms shifted from neutral to bearish as chatter remained high on social platforms. The negative tone among retail traders underscored caution despite the analyst’s more optimistic valuation.
