Hut 8 price target raised to $55 from $33 at BTIG

BTIG analyst Gregory Lewis raised the firm’s price target on Hut 8 (HUT) to $55 from $33 and keeps a Buy rating on the shares as part of a broader research note on Crypto Mining names. Channel checks continue to point to increasing demand for prompt power by neoclouds and some hyperscalers, which should continue to provide opportunities for companies with access to prompt power to secure HPC colocation contracts, the analyst tells investors in a research note.