Bitdeer Powers Up with Buy Rating: Analyst Sees Upside in Diversified Mining
Portfolio Pulse from Lekha Gupta
B. Riley Securities analyst Lucas N. Pipes initiated coverage on Bitdeer Technologies Group (NASDAQ:BTDR) with a Buy rating and a $9 price target. Bitdeer, with operations in the U.S., Norway, and Bhutan, has reduced electricity costs significantly, benefiting from carbon-free power. The company is expanding in Norway and is expected to launch its first-generation BTC mining chip in Q4 FY24. Pipes estimates EBITDA and EPS of $171.6 million and $0.01, respectively, for FY24. BTDR shares are currently down 1.92% at $6.21.
March 12, 2024 | 6:27 pm
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Bitdeer Technologies Group receives a Buy rating from B. Riley Securities with a $9 price target, highlighting its diversified mining operations and reduced electricity costs.
The Buy rating and positive outlook from a reputable analyst like Lucas N. Pipes can significantly influence investor sentiment, potentially driving up BTDR's stock price in the short term. The detailed analysis of reduced electricity costs and expansion plans further supports the positive impact, as these factors are crucial for profitability in the digital asset mining sector.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100