John Todaro, an analyst from Needham, maintained the Buy rating on Bitdeer Technologies. The associated price target was raised to $30.00.
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John Todaro has given his Buy rating due to a combination of factors including Bitdeer Technologies’ strategic shift towards high-performance computing (HPC) and the potential for significant growth in this area. The company is planning to directly sign tenants, which could enhance its revenue model compared to sharing economics with development partners. This strategic move is expected to improve their financial outlook, as reflected in the increased price target of $30 per share based on future earnings estimates.
Furthermore, Bitdeer Technologies has substantial projects in the pipeline, such as the Clarington and Tydal HPC capacities, which could significantly increase the company’s valuation if brought online by 2028. The company is also exploring expansion opportunities in neo-cloud services in locations like Singapore and Washington, aligning them more closely with industry competitors. These growth prospects contribute to the optimistic outlook and justify the Buy rating.
In another report released yesterday, Roth MKM also assigned a Buy rating to the stock with a $40.00 price target.