Analyst John Todaro from Needham maintained a Buy rating on Bitdeer Technologies (BTDR – Research Report) and decreased the price target to $18.00 from $22.00.
John Todaro has given his Buy rating due to a combination of factors that indicate potential growth for Bitdeer Technologies. The company’s machine sales are progressing well and are on track to meet the revenue estimates for 2025, which is a positive indicator of future performance. Additionally, Bitdeer is making strategic moves by seeking a partner to develop its Ohio sites, which is seen as a beneficial step for the company’s expansion in high-performance computing (HPC).
Despite a slight miss in Q4 2024 revenue and adjusted EBITDA figures compared to consensus, the alignment with Needham’s estimates suggests stability in the company’s financial performance. Although there are concerns about lower revenue due to decreased bitcoin prices and increased R&D expenses, the overall outlook remains optimistic. These elements combined support the Buy rating, as they reflect Bitdeer’s potential for growth and strategic positioning in the market.
According to TipRanks, Todaro is a 5-star analyst with an average return of 40.8% and a 61.34% success rate. Todaro covers the Financial sector, focusing on stocks such as Cipher Mining, Coinbase Global, and Riot Platforms.
In another report released today, Rosenblatt Securities also maintained a Buy rating on the stock with a $30.00 price target.