Riot Platforms price target raised to $26 from $25 at Piper Sandler

Piper Sandler raised the firm’s price target on Riot Platforms (RIOT) to $26 from $25 and keeps an Overweight rating on the shares. The firm notes this quarter, the company laid out the first timeline for a Corsicana data center build-out, expecting two buildings supporting 112 MW of critical IT to be completed by Q1 2027. Riot’s conversations with potential tenants at Corsicana are still ongoing, but Piper suspects Riot is nearing a deal announcement and believes management’s decision to embark on a capital intensive data center construction project supports this.