Bitdeer price target raised to $23 from $22 at B. Riley

B. Riley analyst Nick Giles raised the firm’s price target on Bitdeer (BTDR) to $23 from $22 and keeps a Buy rating on the shares. Bitdeer reported adjusted EBITDA slightly below expectations amid higher power costs and weaker Bitcoin pricing, but highlighted strong operational execution including a sharp increase in self-mining output, improved mining efficiency, rapid scaling of its AI cloud business with rising GPU utilization, and continued progress toward monetizing its Tydal data center through advanced-stage leasing discussions, the analyst tells investors in a research note.