Benchmark: Maintain Hut 8 Buy rating and raise target price to $78

Wall Street brokerage firm Benchmark raised its price target on Bitcoin mining company Hut 8 (HUT) from $36 to $78, while maintaining a "buy" rating. Analyst Mark Palmer noted that Hut 8 has transformed from a pure Bitcoin miner into an energy infrastructure company with a strategic presence in the artificial intelligence (AI) and high-performance computing (HPC) markets. Hut 8 currently has 1,530 megawatts of capacity under development, primarily for AI and HPC data centers. The company also holds 10,264 bitcoins (as of June 30) and a 64% stake in American Bitcoin Corp. (ABTC). Benchmark described Hut 8 as a "flexible call option" on AI growth and Bitcoin's upward trajectory, noting that investors have responded positively to Hut 8's strategy, with the stock surging over 300% over the past six months. Despite this, the analyst believes Hut 8's intrinsic value still exceeds its market capitalization. (CoinDesk)