Jefferies initiated coverage on Hut 8 Mining Corp. (NASDAQ:HUT) with a Buy rating and a price target of $156.00.
The stock currently trades at $108.32, with a market cap of $12.2 billion.
The firm highlighted two AI data center leases as key drivers. One lease is with an investment-grade hyperscaler, and another with Fluidstack fully backstopped by Alphabet Inc.
Jefferies noted the lease structures are among the most credit-enhanced in the sector.
The River Bend project, if delivered on time, could transform Hut 8 from a miner into a credible data center developer.
