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Cryptoprowl.com / Wall Street brokerage Clear Street has raised its price target on Hut 8 (NASDAQ: $HUT ) stock, saying the company should benefit this year from artificial intelligence (A.I.) tailwinds.

Clear Street took its price target on HUT stock to $70 U.S. from $60 U.S. previously and reiterated a buy rating on the shares.

The new price target is 37% higher than where Hut 8's stock currently trades.

Analyst Brian Dobson wrote in a note to clients that investors should "use recent volatility to build positions ahead of key 2026 execution milestones."

Dobson added that Hut 8's River Bend data centre project is a significant development for the Bitcoin mining company as it pivots towards A.I. and high-performance computing (HPC).

Hut 8 is developing a $10 billion U.S. A.I. data centre campus in Louisiana, known as River Bend, with operations expected to begin in the second quarter of 2027.

The Clear Street analyst said that the conversion of Hut 8's development pipeline into contracted A.I. infrastructure capacity should drive the stock higher in coming months.

Hut 8's stock has a Street high price target of $85 U.S. The company's share price has risen 283% over the last 12 months but is flat this year and currently trading at $51.36 U.S. per share.