Benchmark Equity Research raised its price target for Hut 8 to $195 from $165 on Wednesday, following the full commercialization of the company's Beacon Point AI campus in Texas.
The price bump is Benchmark's second target hike for Hut 8 (HUT) this month.
Analyst Mark Palmer raised the target to $165 from $85 last week after incorporating the first phase of Beacon Point into his valuation.
Hut 8 shares were trading slightly above $111 on Wednesday afternoon, up 2% on the day and nearly 120% year to date, according to The Block's crypto equities page.
Benchmark's latest target implies roughly 75% upside from the current price.
