Wells Fargo initiated coverage of Hut 8 Corp. with an Overweight rating. The bank established a price target of $175 for the stock. This outlook signals confidence in the company's strategic transition into artificial intelligence infrastructure.
Analyst Eric Luebchow highlighted Hut 8's 949 megawatts of contracted IT capacity. He also noted the high credit quality of the company's existing tenants. Wells Fargo views the firm as a primary beneficiary of increasing demand for AI data centers.
Hut 8 shares climbed approximately 4.5% in pre-market trading. The stock maintained its upward momentum during the regular session. This valuation shift reflects a growing market focus on repurposing mining energy infrastructure for high-demand AI workloads.