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Benchmark lifts Hut 8 price target to $165 on Beacon Point AI pivot
Benchmark said Hut 8 has $16.8 billion in contracted lease value across two AI campuses, with a rise to $42.8 billion if renewal options are exercised.
Benchmark raised its price target for Hut 8 to $165 from $85 and reiterated a buy rating, pointing to the value created by the company’s Beacon Point AI data center project, according to CoinDesk.
Analyst Mark Palmer said Hut 8’s Beacon Point campus helps underpin the shift toward an AI infrastructure platform, with Benchmark estimating $16.8 billion in contracted lease value across two AI campuses and potential growth to $42.8 billion if renewal options are exercised.
Benchmark also cited Hut 8’s expanding 9-gigawatt development pipeline and low-cost project financing as support for a longer-term growth story, despite recent share price weakness.
CoinDesk also noted that other Bitcoin miners, including Core Scientific, Hive Digital, and Bit Digital, have been repositioning power and infrastructure assets for AI and high-performance computing workloads to pursue steadier, potentially higher-margin revenue.
The report said the shares had fallen nearly 30% over the past six weeks even as Benchmark described strong operating momentum.
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