Bitdeer price target lowered to $24 from $29 at Benchmark

Benchmark analyst Mark Palmer lowered the firm’s price target on Bitdeer (BTDR) to $24 from $29 and keeps a Buy rating on the shares. While Bitdeer had signaled to the market that more of its resources would be focused on the development of its bitcoin mining ASIC chips and rigs, the extent of that focus and its impact on Q4 results was “clearly greater than many investors had anticipated” given the decline of more than 28% during yesterday’s trading session, the analyst noted.