Hut 8 price target raised to $33 from $18 at Stifel

Stifel analyst Suthan Sukumar raised the firm’s price target on Hut 8 (HUT) to $33 from $18 and keeps a Speculative Buy rating on the shares. The firm updated estimates and adjusted target prices in the group with Bitcoin having seen “an explosive move” to close in on a “historic” $100,000 spot price following the election of pro-crypto candidate Donald Trump. Following the recent run, the firm anticipates top-line and margin expansion across most of its Bitcoin-linked coverage, the analyst tells investors. The firm raised its bitcoin price input to $98,500 up from $70,000 and held it constant over its forecast period “to remain conservative,” the analyst added.