Investment banking firm Jefferies has provided the most bullish price prediction for Riot Platforms’ stock. This comes after the energy company shifted its focus from Bitcoin mining to providing large-scale energy supply for data centers to support their AI infrastructure. The pivot in business brought the energy firm into the spotlight and is now attracting heavy bullish sentiments from Wall Street. This is now among the most watched equities in the market that could soon break out in value.

For the uninitiated, Riot Platforms stock has risen 90% year-to-date and has nearly doubled investors’ money in just five months. In a year, the equity has spiked a phenomenal 221%, turning an investment of $1,000 into $3,200+ in 365 days. That’s mind-blowing returns in a year, as only a few assets can double or triple a trader’s money. Almost all the firms that provide infrastructural support for AI are rising tremendously in the indices.

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Jefferies Predicts Riot Platforms Stock To Reach $37, Potential 40% Returns

According to the latest price prediction from Jefferies, Riot Platforms stock is on the path to reach the $37 level. The equity is currently trading in the $26 range and could deliver $11 worth of profit per share. The bank wrote in a note to clients highlighting the company’s in-house engineering and manufacturing capacity and its ownership of ESS Metron. This enables them to build and manufacture their own electrical switchgear and power distribution equipment.

Therefore, Riot Platforms stands ahead of the curve compared to its competitors with less manufacturing capacity. It helps the firm to significantly produce electrical systems and distribute them to data centers much earlier than its peers. Leveraging a massive supply stream is what would make Riot Platforms’ stock surge further, according to Jefferies. If the energy firm reaches $37, an investment of $1,000 could turn into $1,400.