J.P. Morgan issued an overweight rating for Riot Platforms (NASDAQ: RIOT) and set a price target of $20 in a 2026 equity trade ideas outlook report.
The target represents a 45% increase from the closing price of $13.71 recorded on Monday.
The report, titled U.S. Equity Year Ahead Stocks for 2026, includes the firm’s 57 stock picks for the upcoming year.
Analysts highlighted that Riot is transitioning from bitcoin mining into an AI infrastructure provider as we’ve seen with other bitcoin mining companies. The investment bank anticipates that Riot will sign an AI hosting deal at its 600 MW Corsicana site by the end of 2026.
Riot owns and operates 1.7 GW across its Corsicana and Rockdale sites in Texas, both of which it is evaluating for AI workloads.
The report notes these sites are located in tier-1 markets, which the analysts described as “rare for bitcoin miners” since most mining sties are located in the countryside. J.P. Morgan says that Riot has seen strong interest from potential neocloud and hyperscaler tenants.
The bank analysts continued to say that they would likely rerate Riot if it signs an AI deal similar to those inked by its peers in 2025.
This potential agreement with a well-capitalized tenant would also likely spark additional deals for the company. Last month, Fidelity Investments disclosed an 8% stake in Riot on November 5. Fidelity managed approximately $6.4 trillion in assets as of June 2025.
