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Benchmark Raises Hut 8 Price Target to $195 on Beacon Point AI Campus Commercialization, 18% Increase

GateNews
StocksAI Industry News
HUT0.77%
According to Benchmark Equity Research, on Wednesday the firm raised its price target for Hut 8 Mining (HUT) to $195 from $165, an 18% increase, following the full commercialization of the company's Beacon Point AI campus in Texas. This marks Benchmark's second target hike for HUT this month, as analyst Mark Palmer previously raised the target to $165 from $85 last week after incorporating the first phase of Beacon Point into his valuation. Hut 8 announced Monday that it signed a second 15-year lease valued at $9.8 billion with the campus' existing tenant, fully commercializing the 1-gigawatt campus. Palmer said the deal validates Hut 8's strategy of securing power and matching sites with tenants before financing construction, describing the model as a "power-first data center REIT with an embedded development machine." HUT shares were trading at $111 on Wednesday afternoon, implying roughly 75% upside from Benchmark's new target.
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