Hut 8 price target raised to $58 from $26 at Northland

Northland analyst Mike Grondahl raised the firm’s price target on Hut 8 (HUT) to $58 from $26 and keeps an Outperform rating on the shares after Q3, which the firm calls a “solid quarter for ABTC with execution still needed on the HPC side.” With an 8.7 GW energy capacity pipeline, including 1.5 GW under development, the firm expects management to “capitalize on robust current demand and get something signed,” the analyst tells investors.