đź’°Bitcoin miner Hut 8 receives 'buy' rating and new price target from Benchmark
Benchmark has initiated coverage of bitcoin miner Hut 8, giving the company a "buy" rating and a price target of $12. In its evaluation, Benchmark factored in the company's "diversified business model" following the completion of its merger with U.S. Bitcoin Corporation. This includes multiple new revenue streams from self-mining, managed services, hosting, high-performance computing and artificial intelligence.
đź’°Bitcoin miner Hut 8 receives 'buy' rating and new price target from Benchmark
Benchmark has initiated coverage of bitcoin miner Hut 8, giving the company a "buy" rating and a price target of $12. In its evaluation, Benchmark factored in the company's "diversified business model" following the completion of its merger with U.S. Bitcoin Corporation. This includes multiple new revenue streams from self-mining, managed services, hosting, high-performance computing and artificial intelligence.
Spiking bond yields driving sharp losses in tech stocks
A spike in interest rates since the start of the year has accelerated a rotation out of high-growth technology stocks and into value stocks poised to benefit from a reopening of the economy. The Nasdaq has fallen more than 10% over the past month as the Dow has soared to record highs, with a spike in the 10-year US Treasury yield acting as the main catalyst. It recently surged to a cycle high of more than 1.60% after starting the year below 1%. But according to Jim Paulsen, the Leuthold Group's chief investment strategist, rising interest rates do not represent a long-term threat to the stock market. Paulsen expects the 10-year yield to cross 2% by the end of the year.
A spike in interest rates and its impact on the stock market depends on the economic backdrop, according to Paulsen. Rising interest rates amid a strengthening economy "may prove no challenge at all for stocks," Paulsen said.
If riding a bucking bronco is your idea of fun, you’re going to love what the stock market has in store. Consider this past week’s ride a preview.The week’s action didn’t look like much, if you didn’t know better. The Dow Jones Industrial Average rose 213.12 points or 0.6%, while the S&P 500 advanced 0.5%, and the Nasdaq Composite ended little changed.