In a report released today, John Todaro from Needham reiterated a Buy rating on Hut 8, with a price target of $66.00.
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John Todaro has given his Buy rating due to a combination of factors that highlight both operational momentum and a favorable strategic setup into 2027. Hut 8 delivered fourth-quarter revenue and adjusted EBITDA (excluding bitcoin) that materially outperformed his forecasts, underscoring stronger-than-expected execution at this stage.
River Bend is progressing in line with expectations, with schedule cushion and the possibility of earlier commissioning, while the Anthropic/Fluidstack partnership presents substantial upside if capacity discussions up to 2,295 MW materialize. Improved financing terms on the Fluidstack transaction, with higher loan-to-cost at attractive spreads and a structure that can be replicated, together with a deliberate plan to gradually trim direct bitcoin exposure while preserving upside through ABTC equity, support his higher $66 price target and reaffirmed Buy recommendation.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $80.00 price target.