MARA - Needham Analyst John Todaro 'Bullish' On Hut 8 Stock | Benzinga
Needham analyst John Todaro has initiated coverage on Hut 8 Corp. (NASDAQ:HUT) with a Buy rating and a price target of $12.00 heading into the Bitcoin halving event.
The Details:
The analyst highlighted Hut 8's diversification strategy as an important factor ahead of the halving which will reduce the mining rewards by half. Needham believes diversification will act as a buffer to the reduced mining rewards and noted that Hut 8 operates in five segments: self-hosted mining, managed services, hosting, cloud compute and equipment sales.
Todaro also pointed to Hut's large bitcoin holdings, second in ...