Citizens raises Hut 8 Mining stock price target on AI infrastructure shift
Citizens has raised its price target on Hut 8 Mining to $100, citing confidence in the company's shift from bitcoin mining to becoming a major provider of data center space and power for AI infrastructure. The stock has surged 477% over the past year, supported by strong sales growth expectations and recent financing deals, including a $3.25 billion note offering for a Google-linked data center project. Analysts broadly maintain positive ratings, reflecting optimism about Hut 8's transformation and execution. Investor enthusiasm is evident in the company's $8.4 billion market cap ahead of its upcoming earnings report.
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Investing.com - Citizens raised its price target on Hut 8 Mining Corp. (NASDAQ:HUT) shares to $100.00 from $65.00 while maintaining a Market Outperform rating. Citizens analyst Greg Miller said the firm is increasingly confident the company is repositioning itself from former bitcoin miner to becoming one of the premier providers of space and power to hyperscalers and additional companies entering the space as the business evolves from basic training to inference and beyond.The stock has delivered a remarkable 477% return over the past year, though InvestingPro data suggests shares are currently trading above the platform’s Fair Value estimate. According to InvestingPro Tips, analysts anticipate 35% sales growth in the current year, supporting the transformation narrative.
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