In a report released today, John Todaro from Needham maintained a Buy rating on Bitdeer Technologies (BTDR – Research Report), with a price target of $17.00.
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John Todaro’s rating is based on several strategic initiatives and future growth prospects of Bitdeer Technologies. The company has surpassed revenue expectations for Q1’25, indicating strong sales performance, although it faced challenges with higher costs and expenses leading to an adjusted EBITDA shortfall. Despite this, Bitdeer is making significant advancements in its research and development, particularly with the A4 chip design, which promises industry-leading machine efficiency.
Additionally, Bitdeer’s focus on high-performance computing and potential partnerships through joint ventures suggests a strategic approach to expanding its market presence. The anticipated growth in machine sales, projected to reach $78 million this year and double by 2026, further supports a positive outlook. These factors combined have led John Todaro to maintain a Buy rating on Bitdeer’s stock.
Todaro covers the Financial sector, focusing on stocks such as Applied Digital Corporation, Riot Platforms, and TeraWulf Inc. According to TipRanks, Todaro has an average return of 29.9% and a 56.83% success rate on recommended stocks.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $17.50 price target.
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