Hut 8 received approval for data center project, says Cantor Fitzgerald

Cantor Fitzgerald listened to the West Feliciana Parish Government Planning and Zoning Department meeting regarding the newly announced Hut 8 (HUT) tier three data center project. The parish unanimously approved the project proposal, the analyst tells investors in a research note. The firm says big takeaway is that Hut 8 has received approval to build a 300 MW data center and it appears that it is in “very late stage discussions” with a hyperscaler. With the company receiving approval, Cantor expects the shares to react positively. It keeps an Overweight rating on Hut 8 with a $35 price target