Benchmark raised the firm’s price target on Hut 8 (HUT) to $78 from $36 and keeps a Buy rating on the shares. The price target represents a Street-high among sell-side analysts, according to Bloomberg. Benchmark says Hut 8 has near-term catalysts from a potential tenant signing at its River Bend site in Louisiana, medium-term growth drivers from the replication of the innovative model used by its Vega site in Texas, and “long-term optionality” with the price of bitcoin via its American Bitcoin Corp. and balance sheet holdings. Hut 8 is better positioned now that its American Bitcoin business has been carved, the analyst tells investors in a research note. The firm sees the company generating strong returns amid increased demand for power.
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