Benchmark: Maintain Buy rating on Hut 8, raising stock price target to $78

Odaily News Wall Street brokerage Benchmark has raised the target stock price of Bitcoin mining company Hut 8 (HUT) from $36 to $78, while maintaining a “buy” rating. Analyst Mark Palmer pointed out that Hut 8 has transformed from a pure Bitcoin mining company into an energy infrastructure company, strategically laying out its position in the artificial intelligence (AI) and high-performance computing (HPC) markets. Hut 8 currently has 1,530 megawatts of capacity under development, primarily targeting AI and HPC data centers. The company also holds 10,264 Bitcoins (as of June 30) and 64% equity in American Bitcoin Company (ABTC). Benchmark describes Hut 8 as a “flexible call options” for AI growth and Bitcoin rise, noting that investors have responded positively to Genoot's strategy, with the stock rising over 300% in the past six months. Nevertheless, analysts believe that Hut 8's intrinsic value still exceeds its market capitalization. (CoinDesk)