Chardan puts Buy ratings on three center infrastructure operators

Chardan analyst Bill Papanastasiou last night initiated coverage of Galaxy Digital (GLXY), Keel Infrastructure (KEEL) and Riot Platforms (RIOT) with Buy ratings and price targets of $35, $4.50, and $27.50, respectively. The three companies are redirecting their power portfolios from bitcoin mining to high performance compute workloads in an effort to capitalize on a “significant valuation re-rate opportunity afforded by stable cash flows attached to long- duration lease agreements,” the analyst tells investors in a research note. Chardan says “we have only begun to scratch the surface” with the applications and use cases powered by artificial intelligence. Demand for compute will only increase as the technology is used for more complex tasks, contends Chardan. It believes investors looking for potential upside exposure “need not look any further” than these three stocks.