Analysts from investing banking firm Benchmark initiated coverage on Hut 8, issuing a “buy” rating and setting a $12 target for the firm’s share price.
United States Bitcoin (BTC) miner Hut 8’s plans to expand its self-mining operations and its scope of diversified revenue streams will make it more competitive in a post-halving world, according to investing banking firm Benchmark.
In an April 22 research note viewed by Cointelegraph, Benchmark senior analyst Mark Palmer explained that the “new HUT” — a firm borne out of a merger between the “old HUT” and US Bitcoin Corporation — boasted a “diversified business model” with multiple revenue streams.
Benchmark initiated coverage of Hut 8 stock and set a $12 price target — a near 30% increase from its current share price of $9.22, per TradingView data.
