UBS initiates Hut 8 with 'buy' rating, $143 PT

Brokerage UBS initiates coverage of AI infrastructure provider Hut 8 HUT.O with a buy rating and price target of $143, implying about 34% upside to the stock's last close.

“We believe HUT offers the best combination of factors in our framework given its sizeable pipeline, track record of value creation and current leases with high quality tenants/support and strong protections,” UBS said.

The average rating of 19 brokerages covering HUT is buy; their median price target is $141.50, according to data compiled by LSEG.

HUT shares were down 2.8% at $103.62 in morning trading. As of the last close, the stock has more than doubled so far this year.