Bitdeer price target lowered to $13 from $15 at Needham

Needham analyst John Todaro lowered the firm’s price target on Bitdeer (BTDR) to $13 from $15 and keeps a Buy rating on the shares. The firm has reduced its adjusted EBITDA estimates on lower ASIC – Application-Specific Integrated Circuit – chip deliveries in the second half and slight increases in power costs, SG&A, and R&D, adding that there is continued softened demand for ASICs due to the bitcoin price slump and macro uncertainty,the analyst tells investors in a research note.