Hut 8 price target raised to $32 from $21 at Needham

Needham analyst John Todaro raised the firm’s price target on Hut 8 (HUT) to $32 from $21 and keeps a Buy rating on the shares after its Q3 results. The company saw a surprise EPS beat as it moves from one of the highest cost bitcoin producers to one of the lowest, while its recent efficiency improvements and lower power costs bode well for EBITDA growth through FY25, the analyst tells investors in a research note.