BUZZ - UBS initiates coverage on Hut 8 with a "Buy" rating and a target price of $143

September 23 - UBS Securities has initiated coverage of artificial intelligence infrastructure provider Hut 8 (HUT.O) with a "Buy" rating and a target price of $143, representing about 34% upside from the stock's latest closing price.

We believe that, given HUT's extensive project pipeline, strong track record of value creation, and existing lease agreements with high-quality tenants featuring robust safeguards, the company demonstrates the best comprehensive advantages in our assessment framework — UBS.

The average rating of the 19 brokerages covering HUT is "Buy"; the median target price stands at $141.50 — data compiled by LSEG.

In early trading, HUT's share price dropped 2.8% to $103.62.

As of the close of the previous trading day, the stock had more than doubled year to date.

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