Piper Sandler Remains Bullish on Hut 8 Corp. (HUT) as Expanding Power Strengthens Growth Outlook

Core Insights - Hut 8 Corp. has gained significant interest from hedge funds, positioning it among the top 12 promising blockchain and crypto mining stocks [1] - Piper Sandler has raised its price target for Hut 8 Corp. from $33 to $74, maintaining an "Overweight" rating, reflecting a bullish outlook on the company's growth potential [2][4] Company Developments - Hut 8 Corp. is developing 1.5 gigawatts of power projects across four U.S. states and holds exclusive rights to an additional 1.3 gigawatts, with a valuation of $5 million per megawatt of IT load, which is lower than its peers [3] - The company possesses $1 billion in Bitcoin holdings and a 64% stake in American Bitcoin (ABTC), contributing to its strong financial position [4] - Hut 8 Corp. operates as a vertically integrated entity in energy infrastructure and Bitcoin mining, with segments including Power, Digital Infrastructure, Compute, and Others [4]