Hut 8 is trading at $116.60 (+4%) in pre-market action, extending a rebound as the company prepares to release its Q2 2026 earnings results.
- Morgan Stanley initiated coverage with an Overweight rating and a $263 price target, citing the company's significant upside potential.
- Sentiment is bolstered by the multi-billion-dollar Beacon Point AI data center lease, which reinforces the company's strategic pivot from Bitcoin mining toward AI infrastructure.
- Benchmark also recently raised its price target, reflecting growing analyst confidence in the firm's high-performance computing (HPC) capabilities.