Riot Platforms rated Strong Buy on data center growth and AMD deal despite leadership change

Riot Platforms, Inc. is rated Strong Buy with a $32/share target due to strong momentum in its data center hosting business and a strategic 10-year, 25MW lease deal with AMD that could expand to 200MW. The company is shifting focus from bitcoin mining to high-margin high-performance computing and AI hosting, supported by secured power capacity of 1.7GW and a growing engineering backlog. Although the Chief Data Center Officer recently left, Riot's foundational infrastructure and plans remain solid, minimizing leadership risk. This transition positions Riot for significant revenue and margin growth in the evolving data center market.