Investment bank Benchmark significantly raised its price target for Hut 8 Corp. to $165 from $85, maintaining a Buy rating. [3, 4, 5, 6] The upgrade reflects the company's rapid and successful transformation from a cryptocurrency miner into an AI infrastructure provider. [4, 11] Analyst Mark Palmer cited Hut 8's evolution into a "power-first data center REIT" with strong business momentum that was not reflected in the recent stock price. [4, 6, 11]
The bullish outlook is anchored by the commercialization of its AI data center campuses, including the recently announced Beacon Point project in Texas. [3, 4] Hut 8 has secured two 15-year leases for its data centers, representing a total base-term contract value of approximately $16.8 billion. [4, 5, 6, 9] This provides a substantial and predictable long-term revenue stream, underpinning the firm's higher valuation.