Bitdeer price target raised to $25 from $18 at Rosenblatt

Rosenblatt raised the firm’s price target on Bitdeer (BTDR) to $25 from $18 and keeps a Buy rating on the shares post the Q1 report. The company’s revenue beat expectations but its gross margin turned negative on lower bitcoin prices and seasonally higher energy costs, the analyst tells investors in a research note. The firm believes investors should look beyond Bitdeer’s near term headwinds and consider its “longer term growth vectors.” It believes a co-location data center deal for the company’s 225MW Tydal, Norway site is near to being closed. Bitdeer also has an expanding AI cloud computing business which grew over 150% year-over-year, adds Rosenblatt.