Keefe downgrades Bitdeer on uncertainty from AI cloud emphasis

Keefe Bruyette downgraded Bitdeer (BTDR) to Market Perform from Outperform with a price target of $14, down from $26.50. The firm says the company’s emphasis on AI cloud “adds uncertainty” to its value creation potential given the business’s small scale today and limited clarity on U.S. and European expansion. Bitdeer is well positioned to become the leading public miner by the end of 2026, but mining remains a lower EBITDA multiple business, the analyst tells investors in a research note.