Hut 8 price target hiked to $165 at Benchmark as AI pivot reshapes valuation
Benchmark has nearly doubled its price target for Hut 8 to $165, citing the company's successful pivot from bitcoin mining to AI infrastructure. The firm is leveraging its power assets to support high-performance computing, securing long-term contracts with hyperscale data center customers.
Why it matters
This reflects a broader trend of cryptocurrency miners repurposing their energy-intensive infrastructure to capitalize on the surging demand for AI and data center capacity.
Wall Street broker Benchmark nearly doubled its price target on Hut 8 (HUT) to $165 from $85, saying the commercialization of the company's Beacon Point AI data center campus significantly increases its valuation and reinforces its transition into an AI infrastructure developer.
That would be about 65% upside from Hut 8's current price near $100.
Analyst Mark Palmer reiterated his buy rating on the stock, arguing that the market has yet to fully reflect Hut 8's rapid execution after the stock fell nearly 30% over the past six weeks despite what Benchmark described as strong operating momentum.
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