Citi Positive on Riot Platforms (RIOT) Through 2026 on Expected Regulatory Reforms

Group 1 - Riot Platforms Inc. is considered a promising stock to buy under $50, with Citi lowering its price target to $23 from $28 while maintaining a Buy rating [1] - In Q3 2025, Riot Platforms generated total revenue of $180.2 million, more than doubling the $84.8 million reported in Q3 2024, driven by a $93.3 million increase in Bitcoin mining revenue [2] - The company produced 1,406 Bitcoin during the quarter, contributing significantly to the revenue surge [2] Group 2 - Despite revenue growth, Riot's hash rate deployment increased by only 3%, which was outpaced by an 8% increase in global network competition [3] - To mitigate energy costs, Riot utilized its Power-First Strategy, achieving $23 million in cumulative capital expenditure savings through its engineering business and significant power credits [3] - Citi remains positive on Riot Platforms through 2026, anticipating that regulatory reforms will enhance stock performance across the sector [1][3]