JP Morgan Downgrades RIOT to Neutral, Increases Price Target to $15.00

Riot Platforms (RIOT) has been downgraded by JP Morgan from 'Overweight' to 'Neutral', while its price target was increased from $14 to $15. The change reflects a cautious approach towards the company's stock despite a positive outlook for future performance. The average one-year price target is $16.90, with a high estimate of $25 and a low estimate of $11. The company's average brokerage recommendation is 1.9, indicating 'Outperform' status.

In a recent move, JPMorgan downgraded Riot Platforms (NASDAQ:RIOT) from 'Overweight' to 'Neutral', while increasing its price target to $15.00 from $14.00 [1]. The decision reflects a cautious approach by the brokerage towards the company's stock, despite a positive outlook for its future performance.

The downgrade comes as Riot Platforms has shown impressive revenue growth of 60% over the last twelve months. The company has outperformed both Bitcoin and the broader mining sector, with RIOT shares gaining 42% compared to Bitcoin’s 20% rise and the CoinShares Bitcoin Mining ETF’s 20% increase [1]. However, JPMorgan noted that the company's valuation seems a little stretched at current levels and requires either a high-performance computing (HPC) deal or further Bitcoin price appreciation to justify additional upside [1].

The brokerage also highlighted that the timeline for Riot to announce such an HPC deal remains uncertain, contributing to the more cautious rating despite the slightly higher price target [1]. Additionally, Riot Platforms reported producing 450 Bitcoin in June 2025, a decrease of 12% from May’s production of 514 Bitcoin. However, this June’s output still marked a significant 76% increase compared to June 2024 [1].

Other analysts, such as BTIG and Needham, have maintained a positive outlook on Riot Platforms. BTIG reiterated a Buy rating on the company, highlighting its strong power infrastructure portfolio and its potential in the high-performance computing market [1]. Needham also raised its price target for Riot Platforms from $12 to $15, maintaining a Buy rating, and emphasized the attractiveness of the Corsicana site [1].

The average one-year price target for Riot Platforms is $16.90, with a high estimate of $25 and a low estimate of $11. The company's average brokerage recommendation is 1.9, indicating 'Outperform' status [1].

References:
[1] https://www.investing.com/news/analyst-ratings/riot-platforms-stock-rating-downgraded-to-neutral-by-jpmorgan-93CH-4155271
[2] https://www.investing.com/news/stock-market-news/jpm-upgrades-marathon-on-better-hashrate-visibility-downgrades-iren-and-riot-4155655