Analyst John Todaro of Needham maintained a Buy rating on Bitdeer Technologies (BTDR – Research Report), reducing the price target to $15.00.
John Todaro’s rating is based on a combination of factors that reflect both current challenges and future potential for Bitdeer Technologies. Despite lowering the estimates for ASIC sales and self-mining revenues due to current market conditions, Todaro remains optimistic about the company’s future product lines, particularly the Sealminer A03 and A04 generations, which are expected to drive demand.
Additionally, while the immediate revenue from self-mining is impacted by external factors like Bhutan’s curtailment and fluctuating Bitcoin prices, there is an anticipation of strategic partnerships in the HPC/AI sector that could enhance Bitdeer’s growth trajectory. These partnerships, expected to materialize soon, could provide significant opportunities for expansion. Consequently, even with a revised price target, the overall outlook remains positive, justifying the Buy rating.
In another report released on March 17, Rosenblatt Securities also maintained a Buy rating on the stock with a $25.00 price target.
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