Trying to time investments in cryptocurrency and AI-related stocks may have felt like trying to catch falling daggers during November. If the recent panic around Bitcoin and other cryptocurrencies has been painful, the panic selling in the older bitcoin miners has been even more difficult for the crypto-bulls. What if all that panic selling, and a shift to AI, has created a significant buying opportunity?
Oggonomics has seen Citizens JPM come out with the thesis that certain bitcoin miners now have significant upside with a focus on AI efforts now that their shares have plunged from recent highs.
Citizens JPM has initiated coverage on three prior mining-focused companies as they have shifted to providing AI infrastructure rather than just mining for digital gold. One boost is that these players can provide scarce power supply for companies offering high performance compute and AI demand. Their GPU clusters may even offer investors an opportunity to unlock significant value in their stocks. The firm also sees two AI players having significant upside as well.
With strong demand trends, these companies are expected to have strong pricing trends at a time when there is an imbalance in supply and demand for data centers. This call is despite a view of record capacity coming online over the coming years. There just is not enough existing and planned supply to meet the demand when there is a power capacity shortage.
Oggonomics always likes to remind readers that individual analyst reports should never be used as the sole reason to buy or sell a stock. Analysts can get their thesis wrong. Market conditions, particularly with high-beta AI and crypto-related stocks, can change in an instant.
Investors should also not overlook or discount that NVDIA Corporation (NASDAQ: NVDA) has a key earnings report coming shortly that could impact the entire space (or the entire market). NVIDIA’s report may also dominate any valuation and direction of the stocks further down in the AI ecosystem.
Citizens JPM initiated coverage of Riot Platforms, Inc. (NASDAQ: RIOT) with an Outperform rating and a $25.00 price target. RIOT shares were still down 5% at $13.25 after the call, but that is nearing 50% implied upside if Citizens’ thesis pans out. RIOT has a $4.9 billion market cap and a 52-week range of $6.19 to $23.93.
Cipher Mining Inc. (NASDAQ: CIFR) was initiated as Outperform, and the new $30 price target represents more than 100% upside from the prior 414.58 close. Cipher’s market cap is $5.8 billion and it has a very wide 52-week range of $1.86 to $25.52.
IREN Limited (NASDAQ: IREN) was also initiated as Outperform. Citizens’ new $80 price target represents more than 60% implied upside from the current $48.50 stock price. IREN still has a $13 billion market cap, but its 52-week range of $5.12 to $76.87 may show how much euphoria and worry come into play.
Also targeting existing AI expansion…
Nebius Group NV (NASDAQ: NBIS) was given a new Outperform rating with a $175 price target. Nebius is the most well-known name due to significant pacts with both NVIDIA and Microsoft. With a $93.00 share price and a $23.4 billion market cap, Nebius’ 52-week trading range is $18.31 to $141.10.
WhiteFiber, Inc. (NASDAQ: WYFI) was initiated as Outperform with a $37 price target at Citizens JPM. Its current share price is $17.00, with a market cap of $650 million and a 52-week range of $14.01 to $40.75.
For some additional background, Citizens JMP issued an outlook on the capital inflows into Gen-AI earlier in 2025. That report noted that the capital inflow into AI mirrors the flow of capital into cloud computing 20 years ago. And if the similarities persist, the firm noted that there could be a long tail of venture capital inflows into AI for years to come.
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The ratings, targets and opinions in this report are condensed from the views offered by Citizens JPM. Oggonomics has no formal ratings or price targets on any of the companies mentioned in this summary report. And, as always, do not forget that analyst reports never assure against losses and they never come with any money-back guarantees if the price targets are not reached or if stock prices continue to fall.
