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Seeking Alpha 2021-07-01 16:45:12

B. Riley boosts targets for Riot Blockchain and Marathon Digital, sees less competition

da-kuk/E+ via Getty Images The declines in network hash rates from China's crackdown on crypto mining is actually opening up opportunity for Riot Blockchain (RIOT) -3.7% and Marathon Digital (MARA) -2.9%, B. Riley says. As a result, analyst Lucas N. Pipes is boosting his price target on Riot to $51 from $45 and on Marathon to $54 from $47. Pipes has a Buy rating on both stocks. "While we believe that the (China) events also contributed to the softness in BTC prices, we argue the trend is actually bullish for North American miners since the subsequent decline in the network hash rate more than offset the price declines," he writes in a note. "In short, the sudden decrease in miner competition has created an enhanced profitability window for MARA and RIOT, which could drive outperformance versus street expectations over the next couple of quarters." "We believe that the events in China are particularly

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