Riot Platforms initiated with a Hold at Jefferies

Jefferies initiated coverage of Riot Platforms (RIOT) with a Hold rating and $24 price target as the firm started coverage of four AI data center developers all with legacy Bitcoin mining roots. AI data center demand remains strong, with power availability the “binding constraint,” says the analyst, who adds that tenant credit quality, location durability, and development execution will be the differentiating factors among this group. Riot’s lack of a large deal, despite an attractive geographic footprint, “gives us some pause,” the analyst tells investors.