Hut 8 Corp. Surges 11.5% on Optimistic Outlook and Analyst's 157% PT Hike

Hut 8 Corp. (NASDAQ:HUT) share prices surged 11.55% to $52.94 on Monday due to an investment firm's optimistic outlook, with a price target representing a 157% upside potential. The firm, Arete Research, issued a "buy" recommendation and a price target of $136, citing the potential for Hut 8's River Bend data center to generate $17.7 billion in leasing revenues from Google. The base term of a leasing deal with Google covers 245 MW of IT capacity for $7.7 billion and gives the latter the right of first offer for 1,000 MW of capacity in the campus' future expansion.