Riot Platforms shares climbed approximately 5% on Monday. Morgan Stanley raised its price target to $41 from $35.50 and maintained an Overweight rating.
Investors are increasingly valuing Riot’s shift from a bitcoin miner to an AI data center operator. Morgan Stanley’s positive outlook centers on a new 900-megawatt data center lease.
The bank estimates the lease could represent $11.1 billion in net shareholder value. At the same time, it lowered price targets for several competitors in the digital asset and data center sectors.
The differing calls suggest growing confidence in Riot’s ability to generate steady, contract-based revenue from its infrastructure assets.