Riot Platforms (RIOT) received consecutive analyst upgrades on Friday, with JPMorgan and Citigroup raising their outlooks on the bitcoin miner amid evolving industry economics and the company’s pivot toward high-performance computing and AI-focused operations.

JPMorgan upgraded Riot to overweight from neutral, lifting its price target to $19 from $15 and highlighting Riot as the most attractive among its mining peers. Citigroup upgraded to buy from neutral, raising its price target to $24 from $13.75. Both firms cited Riot’s expansion into artificial intelligence and cloud services as a potential growth catalyst as traditional mining margins tighten. Riot modestly outperformed a sharply lower sector, declining just 1.2% to $16.55 on Friday.

In related moves, JPMorgan downgraded previously high-flying IREN to underweight from neutral, with shares down 9.7% on Friday but still up roughly 300% year-to-date. CleanSpark (CLSK) was cut to neutral, falling 9.3% Friday yet remaining up 34% year-to-date.

Meanwhile, JPMorgan maintained its buy rating on Cipher Mining (CIFR) and doubled its price target to $12 from $6. Shares were 3.5% lower at $11.20 at the time of publication. MARA Holdings (MARA) remained at overweight, though its price objective was trimmed to $20 from $22, with shares down 1% at $15.90 in early trading.

JPMorgan analysts assigned a 50% probability that Riot, Cipher, and IREN each secure near-term high-performance computing (HPC) colocation agreements, using Core Scientific’s (CORZ) 800 MW CoreWeave (CRWV) deal as a benchmark. The bank values HPC colocation contracts at $3.7 million to $8.6 million per gross megawatt (MW).