HC Wainwright raises Bitcoin mining company Hut 8's target price to $13.5, and upgrades its rating to buy

Brokerage firm HC Wainwright has upgraded Bitcoin mining company Hut 8's rating by two levels, from sell to buy, and also significantly raised its target price from $7.5 to $13.5. It is reported that Hut 8 may benefit from the growing demand for energy and infrastructure by artificial intelligence (AI) companies, and the possibility of signing high-performance computing (HPC) or AI customers has also increased after Coatue invested $150 million in June. HC Wainwright also disclosed that Hut 8 is currently actively negotiating with potential customers for large HPC and AI projects.