Hut 8 Mining Corp. (HUT) PT Raised to $22 at Canaccord Genuity

Canaccord Genuity analyst Joseph Vafi raised the price target on Hut 8 Mining Corp. (NASDAQ: HUT) to $22.00 (from $14.00) while maintaining a Buy rating.

The analyst commented: "HUT has been doing a lot of work behind the scenes in the last 12-18 months and has an experienced team in place that we believe is making progress in locking down development sites, negotiating power agreements, and developing the design and construction plans. As such, we believe we could see some positive announcements here in the coming months
as it relates to the 1.1GW development opportunity management has highlighted. While HPC will continue to garner a lot of investor focus here, the company is also advancing its bitcoin mining as well as managed services businesses. Overall, we think HUT has the pieces in place to evolve from a bitcoin mining company to an energy infrastructure company in the next 1-2 years. Given its evolving profile and expansion in AI/GPU, we are raising our target multiple and PT to $20."

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