Analyst Mike Colonnese of H.C. Wainwright reiterated a Buy rating on Bitdeer Technologies (BTDR – Research Report), with a price target of $21.00.
Mike Colonnese has given his Buy rating due to a combination of factors that suggest Bitdeer Technologies presents an attractive investment opportunity. The company’s stock experienced a significant decline following a reported EPS miss, primarily due to non-recurring, non-cash charges. This has created a buying opportunity as the stock is now heavily discounted, despite the company’s strong growth prospects.
Colonnese highlights Bitdeer’s strategic focus on developing its proprietary mining rigs, which positions it for substantial growth in 2025. The company is expected to significantly increase its mining capacity, with plans to expand its hash rate and power capacity. Additionally, the strong demand for Bitdeer’s ASIC products, evidenced by the oversubscribed pre-sale of its SEALMINER A2 rigs, further supports the Buy rating. These factors, combined with Bitdeer’s industry-leading efficiency in its upcoming products, underscore the potential for robust revenue growth in the coming years.
In another report released today, Needham also maintained a Buy rating on the stock with a $18.00 price target.