Benchmark has increased its price target for Hut 8 to $195, following the full commercialization of its Beacon Point AI campus in Texas. This is the second target hike this month, previously raised from $85 to $165. Hut 8 shares closed at approximately $111, reflecting a 120% increase year-to-date, with a potential 75% upside to the new target. The company recently signed a second 15-year, $9.8 billion lease at Beacon Point, doubling its contracted capacity to 704 MW and bringing the total contract value to $19.6 billion. Analyst Mark Palmer highlighted Hut 8's strategy of securing power and site-matched tenants before construction as a key strength, likening it to a data center REIT with power assets. Benchmark's valuation also considers Hut 8's 10,278 bitcoin holdings, valued at $680 million, and its 60% stake in American Bitcoin.