Bitdeer price target raised to $18 from $17 at B. Riley

B. Riley raised the firm’s price target on Bitdeer (BTDR) to $18 from $17 and keeps a Buy rating on the shares following the release of Q1 results. The Bitdeer story and valuation are centered around the company’s entrance into the Application-Specific Integrated Circuit market with leading efficiency, aggressive self-mining growth, and the continuation of expansion into high-performance computing at key assets, the analyst tells investors in a research note. The firm’s valuation now includes a higher projected self-mining hash rate and the inclusion of the power pipeline.