Craig-Hallum analyst George Sutton raised the firm’s price target on Hut 8 (HUT) to $80 from $60 and keeps a Buy rating on the shares following their data center lease. The firm notes that the economics on the 245 MW deal are impressive. Craig-Hallum also believes that the scalability provided by Fluidstack’s ROFO on the next 1 GW at River Bend and the strategic partnership with Anthropic for diligence on another 1 GW could prove very meaningful in the future and could ultimately turn this deal announcement into one of “legendary” status for the company.
Claim 70% Off TipRanks This Holiday Season
- Unlock hedge-fund level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on HUT:
- Hut 8: Favorable Hyperscale Lease Economics Unlock Significant Upside to $60 Target Price
- Hut 8 price target raised to $62 from $54 at Canaccord
- Hut 8: Transformative 15-Year HPC Colocation Deal and AI-Driven Expansion Underpin Buy Rating and $55 Target
- Midday Fly By: Warner Bros. urges investors to reject Paramount bid
- Crypto Currents: Hut 8 signs $7B AI deal with Anthropic, Fluidstack