Riot Platforms (RIOT) picked up back-to-back upgrades from Wall Street on Friday, with JPMorgan and Citigroup both raising their outlooks on the bitcoin miner amid changing industry economics and a shift toward high-performance computing.

JPMorgan boosted Riot to overweight from neutral and raised its price target to $19 from $15, calling it the most attractive among its mining peers. Citi upgraded to buy from neutral and lifted its price target to $24 from $13.75. Both firms pointed to Riot’s pivot into artificial intelligence and cloud services as a potential growth driver as mining profits tighten. Riot was modestly outperforming a sharply lower sector on Friday, declining "just" 1.2% to $16.55.

Alongside its upgrade of RIOT, JPMorgan downgraded the previously very hot-handed IREN to

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