Hut 8 Mining Corp. (HUT) PT Lowered to $14 at Canaccord Genuity, 'encouraged by the scale in the managed services business'

Canaccord Genuity analyst Joseph Vafi lowered the price target on Hut 8 Mining Corp. (NASDAQ: HUT) to $14.00 (from $17.50) while maintaining a Buy rating.

The analyst commented: 'We are encouraged by the scale in the managed services business with over 680MW under management. The partnership with Ionic Digital alone will generate over $20M in cash revenue on an annualized basis. While the HPC business is relatively small, management is focusing on building and operating AI specialized data centers. Furthermore, we think management is evaluating ways of maximizing the value of the recently acquired Validus assets. Finally, a HODL of over 9,000 BTC also provides significant flexibility to the company.'

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