Hut 8, the Financial sector company, was revisited by a Wall Street analyst today. Analyst Mark Palmer from Benchmark Co. maintained a Buy rating on the stock and has a $78.00 price target.
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Mark Palmer’s rating is based on Hut 8’s recent announcement of a transformative partnership with Anthropic and Fluidstack, along with a significant lease agreement for IT capacity at the company’s flagship River Bend campus. This partnership framework underscores Hut 8’s strategic move into AI infrastructure development, marking a critical expansion beyond its core business and positioning it as a key player in this rapidly growing market.
In addition, the 15-year lease agreement with Fluidstack for 245 MW of IT capacity, backed by Google, ensures strong financial visibility and stability with substantial net operating income contributions. The potential to expand capacity up to 2,295 MW across multiple tranches further reinforces the scalability of Hut 8’s operations. These factors together reflect a robust growth trajectory and long-term revenue generation potential, supporting Mark Palmer’s Buy rating.
Palmer covers the Financial sector, focusing on stocks such as Hut 8, Galaxy Digital, and Coinbase Global. According to TipRanks, Palmer has an average return of 2.9% and a 41.96% success rate on recommended stocks.