Arete rolled out coverage on the bitcoin miners with Buy ratings on IREN (IREN), Riot Platforms (RIOT) and Cipher Mining (CIFR). The firm put a $78 price target on IREN, $26 target on Riot and $24 target on Cipher. Demand from artificial intelligence computing provides long-term opportunities, the analyst tells investors in a research note. Arete sees IREN benefitting from self-funding its data center construction and upgrading its bitcoin mining fleet, Riot reaching $2.3B of recurring EBITDA by 2031 from two high performance compete data centers on a co-location rental model, and Cipher offering a lower-risk play on the AI compute shortage given its joint venture structure.
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