Analyst Kevin Cassidy from Rosenblatt Securities maintained a Buy rating on Bitdeer Technologies (BTDR – Research Report) and increased the price target to $20.00 from $15.00.
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Kevin Cassidy has given his Buy rating due to a combination of factors that highlight Bitdeer Technologies’ strong operational and developmental progress. The company has demonstrated significant growth in its self-mining operations, with a notable increase in Bitcoin production and an expanded hashrate, driven by the deployment of their advanced SEALMINER equipment. This growth is supported by the company’s strategic expansion of its energy capacity, with new facilities in Norway and Bhutan expected to be energized soon, enhancing their operational capabilities.
Furthermore, Bitdeer’s advancements in mining rig development, particularly with the SEALMINER A3 and A4 models, show promise in achieving high energy efficiency, which is crucial for maintaining competitive advantage. The company’s foray into HPC/AI and cloud services also presents a new avenue for revenue diversification, potentially reducing volatility in their financial performance. These factors collectively underpin Cassidy’s positive outlook on Bitdeer’s future prospects, justifying the Buy rating.
In another report released today, Northland Securities also maintained a Buy rating on the stock with a $20.00 price target.