Citizens JMP raised the firm’s price target on Hut 8 (HUT) to $65 from $25 and keeps an Outperform rating on the shares. After meetings last week at Structure Research’s Digital Infrastructure conference in Las Vegas, infra/STRUCTURE, and other news flows in the digital infrastructure sector, Citizens is increasingly confident that demand for traditional space and power has recently intensified, and that demand for GPUaaS space has increased despite new entrants, the analyst tells investors in a research note. The firm believes debt issuance from former Bitcoin miners will take time to achieve investment grade status, even when backed by hyperscale balance sheets.
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