Buy the Dip in Bitcoin Miner Hut 8 (HUT), Says Benchmark's Mark Palmer

Benchmark analyst Mark Palmer argued that Hut 8's nearly 13% stock tumble following its third-quarter earnings report was "short-sighted and unwarranted," despite the lack of an immediate AI hyperscaler deal announcement for its River Bend site. Palmer maintained a 'buy' rating and a $78 price target, believing a deal is a matter of 'when, not if,' as the company focuses on long-term strategic positioning rather than rushing into a suboptimal agreement. Hut 8's strategy involves creating an integrated platform across Texas, Alberta, and Louisiana that can pivot between AI, high-performance computing, and bitcoin mining. The valuation is based on a sum-of-the-parts analysis that includes the development pipeline, its stake in American Bitcoin, and current bitcoin holdings, with further upside potential not yet factored in from exclusivity or diligence pipelines.

(Source：CoinDesk)