Hut 8 (NASDAQ: $HUT ) stock has risen 42% in the last five trading sessions. But that isn’t stopping Wall Street analysts from boosting their price targets on the company’s shares.
Cantor Fitzgerald has lifted its price target on HUT stock to $80 U.S. from $68 U.S. previously and reiterated a buy-equivalent “overweight” rating on the shares.
The new price target from Cantor Fitzgerald is 27% higher than where Hut 8’s stock currently trades, even after the big move higher over the past week.
Like other Wall Street brokerages, Cantor Fitzgerald is bullish on Hut 8’s pivot from a pure-play Bitcoin (CRYPTO: $BTC ) miner to also focus on artificial intelligence (A.I.) data centres.
Cantor Fitzgerald likes the growth of Hut 8’s River Bend campus, which is a $10 billion U.S., 592-megawatt A.I. and Bitcoin mining data centre facility situated on 300 acres in Louisiana.
Last December, Hut 8 signed a 15-year, $7 billion U.S. A.I. data centre lease agreement with start-up company Anthropic and Google parent company Alphabet (NASDAQ: $GOOGL ).
HUT stock has soared since the deal with Anthropic and Alphabet was announced.
The recent 42% surge in Hut 8’s share price brings the increase over the past year to 406%. Currently trading at $63.71 U.S. a share, Wall Street sees more gains ahead for HUT stock.
