Canaccord raised its price target on Hut 8 (NASDAQ:HUT) stock to $130 from $70, keeping its Buy rating. The price target hike, delivered May 7, nearly doubles the firm’s prior valuation and reflects the company’s accelerating pivot from Bitcoin mining to AI data center infrastructure.
A near doubling from a single firm ranks among the most aggressive analyst upgrade actions of the year. For HUT stockholders, the revision validates a transformation already underway, even as the rally raises the bar on execution. See our recent coverage of AI data center stocks to watch in 2026 for additional context.
| Ticker | Company | Firm | Action | Old Rating | New Rating | Old Target | New Target |
|---|---|---|---|---|---|---|---|
| HUT | Hut 8 | Canaccord | Price target raised | Buy | Buy | $70 | $130 |
The Analyst’s Case
Canaccord asserted that Hut 8’s strategic progress continues to accelerate. In just a couple of quarters, the company has signed two marquee AI co-location deals with “some of the best terms we have seen across the sector.”
That language matters because it signals Hut 8 is winning enterprise-grade AI tenants rather than speculative compute customers. The new $130 target essentially catches Wall Street up to the May 6 announcement of the Beacon Point lease.
Other firms are echoing the bullish stance on Hut 8 stock. Needham raised its target to $128 from $88, while Arete Research came in at $136 with a Buy rating, signaling broad analyst conviction.
Company Snapshot
Hut 8 operates as a power infrastructure platform with brands including American Bitcoin, Highrise AI, River Bend, Beacon Point, and King Mountain. CEO Asher Genoot has rebuilt the company around a power-first strategy.
The Hut 8 contracted revenue base now stands at $16.8 billion, supported by triple-net, take-or-pay leases across 597 MW of IT capacity at two hyperscale AI campuses. The Beacon Point deal alone is a 15-year, 352 MW lease worth $9.8 billion, with the broader development pipeline totaling 8,375 MW.
Why the Move Matters Now
HUT stock closed at $108.94 on May 6 after a 53% one-week surge tied to the Beacon Point announcement. Hut 8 shares have climbed 673% over the past year.
Long-duration AI co-location contracts produce predictable lease-based cash flow, a structural upgrade from volatile Bitcoin mining revenue. Hut 8’s existing power agreements and substations uniquely position it to capture this shift.
Hut 8’s $3.25 billion senior secured notes offering closed May 1 at a 6% rate. That HUT financing earned an investment-grade BBB- rating, a first for a single-sponsor data center construction bond.
What It Means for Your Portfolio
Prudent investors should weigh the bullish catalysts against meaningful execution risk. Hut 8 stock carries a beta of 5.72, and concentration on a small number of large AI tenants amplifies any tenant setback.
Hut 8’s Q1 2026 results still showed a $219.8 million net loss, driven largely by unrealized digital asset writedowns. The adjusted loss of $0.12 per share beat the $0.28 consensus loss estimate, though revenue of $71 million missed the $77.7 million estimate.
For long-term portfolios, the Canaccord upgrade reframes Hut 8 stock as a premier AI data center infrastructure operator rather than a crypto miner with optionality. The research case is stronger, yet position sizing should reflect the volatility that comes with a high-beta name still printing GAAP losses.
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