Bitdeer price target raised to $18 from $14 at Alliance Global Partners

Alliance Global Partners raised the firm’s price target on Bitdeer (BTDR) to $18 from $14 and keeps a Buy rating on the shares after the company posted its Q3 results and said mass production of its A02 ASIC chip, which will be used for self-mining and be sold externally, has begun. The new ASIC miners will lower the price per unit and the risk of shortages during the bull cycle and improve efficiency, notes the firm, which argues that the timing is “opportune” given the timeline of the infrastructure build and increase in bitcoin price. The firm, which now forecasts revenue and adjusted EBITDA to be $554M and $160M, respectively, in 2025, says its bullish outlook for Bitcoin is the result of the Trump administration being a proponent of regulation.