BUZZ-Hut 8 jumps, JonesResearch initiates coverage with 'buy'

Reuters
2024-12-13
BUZZ-Hut 8 jumps, JonesResearch initiates coverage with 'buy'

** U.S.-listed shares of bitcoin miner Hut 8 HUT.O jump 11% to $29.65, on track for best day since Nov. 27

** Stock outperforming most bitcoin stocks on the day

** JonesResearch initiates coverage of HUT with "buy" rating and $36 price target

** PT represents nearly 35% upside to previous close of $26.69

** Analyst Stephen Glagola expects Hut 8's mining operations to significantly improve over next 12 months

** Says stock "solid proxy" for bitcoin price given HUT's bitcoin BTC= held per share

** Says market currently underappreciating HUT's chances to land a HPC (high performance computing) deal

** 7 other brokerages covering the stock rate it "buy"; their median PT is $32

** HUT has more than doubled in price this year, tracking a strong rally in bitcoin

(Reporting by Lisa Mattackal)

((LisaPauline.Mattackal@thomsonreuters.com;))

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