HUT, WULF Stocks Defy Market Slump After Cantor Fitzgerald Hikes Price Target, Cuts Outlook For Peers

• Cantor Fitzgerland cited Hut 8’s pivot toward AI infrastructure as a key driver of long-term growth.
• It lowers the outlook for two of the biggest Bitcoin miners in the market – MARA Holdings and Riot Platforms – but kept an ‘Overweight’ rating for both.
• Rosenblatt downgraded Bullish to ‘Neutral’ from ‘Buy’, citing valuation concerns after strong performance. 

Shares of Hut 8 (HUT) and TeraWulf (WULF) gained at market open on Thursday, defying the broader market downturn, after Cantor Fitzgerald raised its price target on the stock, while slashing its outlook for other crypto-linked equities. 

Cantor raised its price target to $80 from $68 and kept an ‘Overweight’ rating on HUT’s stock, as per a note to investors cited by TheFly. The firm stated that it sees Hut 8’s pivot to AI from Bitcoin (BTC) mining as “an attractive place to invest.” It added that pricing is likely to remain strong on per persistent imbalance between supply and demand for the next five-plus years.

HUT’s stock rose nearly 8% in morning trade despite weakness in the broader market, with retail sentiment on Stocktwits rising to ‘extremely bullish’ from ‘neutral’ territory and chatter increasing to ‘extremely high’ from ‘normal’ levels. 

Cantor also raised its price target on TeraWulf to $30 from $24, and kept an 'Overweight' rating. WULF's stock rose over 3% in morning trade and was among the top trending tickers on Stocktwits. Retail sentiment on the platform around the company trended in 'extremely bullish' territory over the past day, while chatter rose to 'extremely high' from 'high' levels.

Cantor Backs AI pivot, But Cuts Price Targets On Peers

While raising its outlook for Hut 8, Cantor Fitzgerald lowered price targets across a range of Bitcoin mining and crypto-related stocks.

The firm cut its price target on Riot Platforms (RIOT) to $20 from $29, on Mara Holdings (MARA) to $10 from $11, on CleanSpark (CLSK) to $14 from $17, and on Cipher Mining (CIFR) to $22 from $24. It maintained ‘Overweight’ ratings on each of those names.

Galaxy Digital (GLXY) also saw its price target reduced to $30 from $45, with the firm maintaining its ‘Overweight’ rating. GLXY’s stock edged 0.6% lower in market trade. Retail sentiment on Stocktwits around the Mike Novogratz-led firm remained in 'neutral' territory over the past day, accompanied by chatter at 'high' levels.

Bullish Gets Downgraded By Rosenblatt

Northland lowered its price target on Exodus Movement (EXOD) to $15 from $24 while maintaining an ‘Outperform’ rating, citing weaker trading activity. The firm noted that March appeared to be one of the slowest months for the industry in over a year.

Rosenblatt downgraded Bullish (BLSH) to ‘Neutral’ from ‘Buy’, citing valuation concerns after strong performance. The firm said the stock now trades at a premium to peers, including Coinbase (COIN) and Robinhood (HOOD), and warned that estimates could face pressure amid declining crypto activity and reduced contribution from non-trading revenues.

Read also: Bitcoin ETF Bleed Continues: MSBT Fails To Reverse Flows Despite $31 Million Inflows On Debut

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