Hut 8’s Power-First AI Infrastructure Strategy Underpins Reiterated Buy Rating and Unchanged $124 Price Target

Chris Brendler, an analyst from Rosenblatt Securities, reiterated the Buy rating on Hut 8. The associated price target remains the same with $124.00.

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Chris Brendler has given his Buy rating due to a combination of factors tied to Hut 8’s expanding high‑performance computing platform and improved financial outlook. He highlights the hyperscale tenant’s decision to double its committed capacity at Beacon Point as a strong endorsement of Hut 8’s infrastructure model, reinforcing confidence in management’s ability to repeat this lease‑up strategy across its broader development pipeline.

Chris also points to the fully secured 1,000 MW power interconnection and the attractive economics of the new 15‑year lease, which materially lift his 2028 revenue and EBITDA forecasts while reducing execution risk to primarily construction timing. He views Hut 8’s “power‑first” approach and rapid conversion of greenfield sites into long‑duration, investment‑grade AI leases as a durable competitive advantage, supporting his unchanged $124 price target, now anchored on 14.7x projected 2028 adjusted EBITDA, and his reiterated Buy recommendation on the shares.

In another report released yesterday, Northland Securities also maintained a Buy rating on the stock with a $120.00 price target.

HUT’s price has also changed dramatically for the past six months – from $58.940 to $108.980, which is a 84.90% increase.