Hut 8 price target raised to $130 from $76 at B. Riley

B. Riley raised the firm’s price target on Hut 8 (HUT) to $130 from $76 and keeps a Buy rating on the shares. Following the commercialization of Phase 1 of Hut 8’s Beacon Point campus with a long-term, high-value triple-net lease comparable to River Bend, confidence in its repeatable power-first development model has strengthened, supporting materially higher EBITDA estimates and relative outperformance versus peers despite modest stock movement, the analyst tells investors in a research note.