Hut 8 price target raised to $65 from $30 at Rosenblatt

Rosenblatt analyst Chris Brendler raised the firm’s price target on Hut 8 (HUT) to $65 from $30 and keeps a Buy rating on the shares. The firm sees further upside in the crypto mining stocks, saying the companies’ power assets have become “incredibly valuable in this AI-led market.” The stocks have additional upside as companies execute on their respective power pipelines, the analyst tells investors in a research note. Rosenblatt believes the growing optimism about high performance compete also reduces exposure to bitcoin mining at a time when profitability has been squeezed by rising network competition.