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Seeking Alpha 2022-06-28 13:40:45

Riot Blockchain stock drifts up as Compass Point upgrades to Buy

Riot Blockchain (NASDAQ:RIOT) shares are rising 1.6% in early Tuesday morning trading as Compass Point analyst Chase White upped the bitcoin (BTC-USD) miner to Buy from Neutral. Meanwhile, White is forecasting the price of bitcoin (BTC-USD) to average ~$29K in 2022 vs. ~$37K in the prior view given the recent failures in algorithmic stablecoin TerraUST (UST-USD) and its sister token Luna (LUNA-USD), as well as crypto hedge fund Three Arrows Capital and crypto exchange Celsius. In 2023, though, the analyst sees bitcoin's (BTC-USD) average rising to ~$34K (vs. ~$50.5K in the previous forecast), ending the year at $43.5K. In the near term, "we expect many miners globally to reduce CAPEX by deferring project work and canceling mining orders," White wrote in a note to clients. But "if BTC prices recover in 2023 as we expect, we believe those miners who can stay afloat will have the opportunity to grow at a lower

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