Hut 8 Mining Corp (HUT) saw its stock surge 5.03% in the last 24 hours, closing at C$67.80 on Tuesday. The significant uptick comes on the heels of multiple positive analyst reports, signaling strong confidence in the company's future prospects.

Clear Street led the bullish sentiment by dramatically raising its price target for Hut 8 from $33 to $60, while maintaining a Buy rating on the shares. The firm cited expectations of increased contract signings as a key factor in their optimistic outlook. Similarly, Roth MKM analyst Darren Aftahi reiterated a Buy rating on Hut 8, setting a price target of $60.00. This aligns perfectly with Clear Street's new target, suggesting a consensus among analysts about the stock's potential.

Adding to the positive momentum, Cantor Fitzgerald maintained its Overweight rating on Hut 8. While specific details of Cantor Fitzgerald's analysis were not provided, the maintained Overweight rating indicates continued confidence in the company's ability to outperform the market. The confluence of these bullish analyst actions appears to have fueled investor enthusiasm, driving the stock's impressive 24-hour gain.