Gregory Lewis, an analyst from BTIG, maintained the Buy rating on Bitdeer Technologies. The associated price target remains the same with $25.00.
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Gregory Lewis has given his Buy rating due to a combination of factors that highlight Bitdeer Technologies’ promising financial outlook. The company has shown a positive trajectory in its revenue estimates, with projections for fiscal years 2025 and 2026 being adjusted upwards. This growth is attributed to several key areas, including third-party rig sales, the AI cloud business, and self-mining exahash expansion. Additionally, the anticipated increase in Bitcoin prices and global hash rates further supports the company’s potential for revenue growth.
Furthermore, Bitdeer Technologies’ valuation appears attractive, trading at multiples that suggest potential for appreciation. The company’s significant infrastructure in Texas, which benefits from lower electricity costs, alongside opportunities in high-performance computing and the ASIC business, contribute to its competitive advantage. These elements collectively justify the price target and the Buy rating, as they indicate a strong position for future profitability and market expansion.
In another report released on November 11, Needham also reiterated a Buy rating on the stock with a $30.00 price target.