Odaily Planet Daily reports that Benchmark Equity Research raised Hut 8’s target price from $165 to $195 on Wednesday, following the full commercialization of the company’s Beacon Point AI data center campus in Texas.
This is Benchmark's second increase of Hut 8's target price this month. Last week, analyst Mark Palmer raised the target price from $85 to $165 by incorporating the first phase of the Beacon Point project. The new target price implies approximately a 75% upside from Hut 8's stock price of around $111 on Wednesday.
Hut 8 has currently contracted 949 MW of AI data center capacity, signaling a further shift in its business from traditional Bitcoin mining toward AI infrastructure and power-driven data center models. Benchmark believes the company is evolving into a “power-first data center REIT”—an infrastructure platform centered on power resources and data center assets.
Hut 8's stock rose approximately 2% on Wednesday, with a year-to-date gain of nearly 120%. As demand for AI computing power continues to grow, the market is reassessing the value of the large-scale power and data center assets held by Bitcoin mining companies.