Benchmark raises Hut 8 price target to $165 from $85

U.S. investment bank Benchmark has raised its price target for Nasdaq-listed Bitcoin mining company Hut 8 (HUT) to $165 from $85. According to The Block, Benchmark analyst Mark Palmer explained that Hut 8 has signed two AI data center lease agreements, securing a value of $16.8 billion. This figure could increase to $42.8 billion if a five-year extension option is exercised. Palmer noted that the company is seen as having long-term growth potential.