Positive Long-Term Outlook for Bitdeer Technologies Driven by Strategic Growth and Favorable Valuation

BTIG analyst Gregory Lewis maintained a Buy rating on Bitdeer Technologies (BTDR – Research Report) yesterday and set a price target of $23.00.

Gregory Lewis has given his Buy rating due to a combination of factors including updated revenue forecasts and strategic growth initiatives by Bitdeer Technologies. The company is expected to see significant revenue increases in the coming years, with projections for FY2025 and FY2026 set at approximately $449 million and $810 million, respectively. This growth is driven by the expansion of their third-party rig sales business and self-mining capabilities.
Additionally, the valuation of Bitdeer Technologies appears favorable, with the stock trading at multiples that suggest potential upside. The company’s substantial infrastructure in Texas, which benefits from lower electricity costs, and its high-performance computing opportunities further support the Buy rating. These factors, combined with an optimistic outlook on Bitcoin prices and global hash rate expansion, contribute to a positive long-term view of the company’s financial prospects.

According to TipRanks, Lewis is a 2-star analyst with an average return of 0.5% and a 44.26% success rate. Lewis covers the Energy sector, focusing on stocks such as Tidewater, TechnipFMC, and Scorpio Tankers.

In another report released today, Needham also maintained a Buy rating on the stock with a $17.00 price target.