Bernstein Raises Riot Platforms Price Target To $22, Maintains Outperform Rating
Bernstein Raises Riot Platforms Price Target To $22, Maintains Outperform Rating
By 2025, the company is expected to control 8% of the Bitcoin network, translating to an estimated 57 exahashes per second (EH/s) of the network's hash rate. Bernstein has issued an "Outperform" rating for Riot Platforms (NASDAQ:RIOT) with a price target of $22, indicating a 196% upside from its current price of $7.42.
伯恩斯坦已经为纳斯达克上的riot platforms（纳斯达克：RIOT）发出了"表现优异"的评级，并设定了22美元的目标价，这表明与目前价格7.42美元相比上涨了196%。
What Happened: The investment bank bases its optimistic forecast on Riot's strategic focus on Bitcoin (CRYPTO: BTC) mining, extensive power capacity and its positioning in the cryptocurrency market.
发生了什么：这家投资银行基于riot在比特币（CRYPTO: BTC）挖掘、庞大的能源容量以及在数字货币市场中的定位上做出了乐观的预测。
Riot is currently building the world's largest Bitcoin mining data center in Corsicana, Texas, aiming for a 1-gigawatt (GW) power capacity.
Riot目前正在德克萨斯州科西卡纳建造世界上最大的比特币挖掘数据中心，旨在达到1千兆瓦（GW）的能源容量。
By 2025, the company is expected to control 8% of the Bitcoin network, translating to an estimated 57 exahashes per second (EH/s) of the network's hash rate.
到2025年，预计该公司将控制比特币网络的8%，相当于估计的57艾哈希每秒（EH/s）的网络散列速度。
"We believe a Bitcoin bull market is the immediate upside, and expect Bitcoin to touch a peak cycle high of $200,000 by 2025 year-end," Bernstein analysts noted.
"我们认为比特币的牛市是近期的上涨趋势，并预计比特币将在2025年年底达到20万美元的高峰周期。" 伯恩斯坦分析师指出。
Also Read: BlackRock's Ethereum ETF Lags Behind Its Bitcoin ETF—Here's Why
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This emphasis on Bitcoin mining sets Riot apart from some of its peers, who are diversifying into AI data centers.
这种对比特币挖掘的强调使riot platforms与一些转向人工智能数据中心的同行有所区别。
Bernstein, however, favors Riot's decision to stick with Bitcoin mining, arguing that the AI market requires a longer gestation period of 18 to 24 months before becoming profitable. Riot's dynamic power strategy has also contributed to its positive outlook.
然而，伯恩斯坚定支持Riot坚持比特币挖矿的决定，认为人工智能市场需要18至24个月的较长孵化期才能实现盈利。Riot独特的动态策略也为其展望积极贡献。
"Riot received ~$70 million in power credits in FY23, around 25% of its total revenue," the report mentions, highlighting Riot's flexibility in managing its power costs.
“在FY23年，Riot收到了约7000万美元的电力抵扣，约占其总营业收入的25%，” 报告提到，突出了Riot在管理电力成本方面的灵活性。
Riot's financial strategy also comes under the spotlight in Bernstein's assessment.
伯恩斯对Riot的财务策略也给予关注。
The company's focus on vertical integration and self-mining capacity gives it an edge, and the firm has avoided entering into hosting contracts.
该公司专注于垂直整合和自主挖矿能力，使其具备竞争优势，并且避免了签订托管合同。
Moreover, Riot's flexible power strategy, including its involvement in demand response programs, is seen as reducing its all-in cash cost for Bitcoin mining.
此外，Riot灵活的电力策略，包括参与需求响应计划，被视为降低其比特币挖矿的全现金成本。
Bernstein projects Riot's revenue to grow at a 149.6% compound annual growth rate (CAGR) from 2023 to 2025, with an EBITDA of approximately $1.1 billion in 2025.
伯恩斯预计，Riot的营业收入将从2023年增长149.6%的复合年增长率(CAGR)，到2025年约达11亿美元的EBITDA。
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Image: Shutterstock
图片：shutterstock
