Canaccord analyst Joseph Vafi raised the firm’s price target on Hut 8 (HUT) to $62 from $54 and keeps a Buy rating on the shares. The firm said the company’s lease agreement announced yesterday with Fluidstack/Google (GOOGL) is not just the latest in a string of hyperscaler data center announcements, it is a standout outcome for HUT 8 both in pricing and terms. Canaccord notes a triple net lease structure, Google backstop support without issuance of warrants/ stock, a 3% annual price escalator, and bulge bracket support on the project financing side, where management expects to achieve a loan to cost of up to 85% at roughly SOFR +2.5%.
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