Needham analyst John Todaro lowered the firm’s price target on Bitdeer (BTDR) to $18 from $22 and keeps a Buy rating on the shares after its Q4 results. The firm is citing lower revenue from lower bitcoin prices and also lower adjusted EBITDA mainly driven by higher than initially forecast R&D expenses, the analyst tells investors in a research note. Needham adds however that machine sales are progressing and remain on track for its FY25 estimates.
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