Northland analyst Mike Grondahl raised the firm’s price target on Hut 8 (HUT) to $26 from $20 and keeps an Outperform rating on the shares. Hut 8 has had a “lot of exciting” developments lately, and Northland views the increased credit facility with Coinbase (COIN) from $65M to up to $130M as strategic, essentially doubling its non-dilutive capital on the balance sheet that Hut 8 can deploy to execute on opportunities in its pipeline while also securing a more attractive cost of capital, the analyst tells investors in a research note. The firm also says the five-year capacity contracts with IESO was “nice to see.”
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