Benchmark Raises Hut 8 Price Target to $165 as AI Pivot Reshapes Valuation

Benchmark nearly doubled its price target on Hut 8 (HUT) to $165 from $85 and reiterated a buy rating, citing the commercialization of its Beacon Point AI data center campus. According to CoinDesk, analyst Mark Palmer said Beacon Point accelerates Hut 8’s shift toward an AI infrastructure platform and a “power-first data center REIT” model; the new target implies about 65% upside from shares near $100. Hut 8 has two 15-year triple-net, take-or-pay leases covering 597 MW at River Bend, Louisiana, and Beacon Point, Texas, representing $16.8 billion in base-term value, and recently completed $4.25 billion of project financing for Beacon Point.