Hut 8 price target raised to $74 from $33 at Piper Sandler

Piper Sandler raised the firm’s price target on Hut 8 (HUT) to $74 from $33 and keeps an Overweight rating on the shares. The firm notes Hut 8 has about 1.5 GW of power under development across 4 U.S. sites, exclusive rights to another 1.3 GW, $1B of bitcoin on the balance sheet, and 64% ownership of American Bitcoin. When valuing Hut 8’s power pipeline at a discounted $5M/critical IT MW, Piper arrives at a $74 price target