Morgan Stanley Initiates Coverage on Bitcoin Miners Hut 8 and Riot Platforms on July 24

MS-0.34%
HUT-6.52%
RIOT-5.69%
BTC0.39%
According to Morgan Stanley, on July 24 the bank initiated coverage of multiple bitcoin miners transitioning into AI infrastructure providers. Hut 8 received a buy rating with a $263 price target; Riot Platforms received a buy rating with a $36 target; Applied Digital received a neutral rating with a $36.50 target. Morgan Stanley highlighted that companies with large-scale grid-connected power assets are positioned to benefit from surging AI data center demand.
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