Analyst Mike Colonnese of H.C. Wainwright reiterated a Buy rating on Bitdeer Technologies, boosting the price target to $19.00.
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Mike Colonnese has given his Buy rating due to a combination of factors highlighting Bitdeer Technologies’ promising growth trajectory and strategic advancements. The company has demonstrated a significant revenue increase, attributed to better-than-expected sales of ASICs, and management has reaffirmed its commitment to achieving the 2025 guidance of 40 EH/s self-mining capacity. This is supported by the company’s ongoing efforts to scale its operations and enhance its power infrastructure, which are seen as attainable goals.
Additionally, Bitdeer’s progress in developing next-generation mining rigs, such as the SEALMINER A3 and A4, showcases its competitive edge in efficiency metrics compared to existing market offerings. The company’s strategic initiatives, including the potential development of a high-performance computing and AI data center in Ohio, are expected to drive substantial revenue growth in the medium term. These developments, coupled with improved wafer supply allocation and proprietary technology advancements, underpin Colonnese’s optimistic outlook and Buy rating for Bitdeer Technologies.