Needham raises Bitdeer stock price target to $30 on HPC potential

Investing.com - Needham has raised its price target on Bitdeer Technologies Group (NASDAQ:BTDR) to $30.00 from $17.00 while maintaining a Buy rating. The company, currently valued at $5.48 billion, has demonstrated remarkable momentum with a 210% return over the past year and 251% over the last six months. According to InvestingPro analysis, the stock is currently trading above its Fair Value.

The price target increase represents a 76% jump from the previous target and is based on 18.5 times Needham’s 2026 EV/EBITDA estimate for the company.

Needham cited Bitdeer’s revamped push into high-performance computing (HPC) as a key factor behind the more bullish outlook, particularly noting the company’s strategy shift to sign tenants directly rather than sharing economics with development partners.

The firm referenced Bitdeer’s recent Production Update announcement, which outlined this strategic approach to its HPC business development.

While Needham’s current 2026 estimates do not include HPC contributions pending more details, the firm indicated that if Bitdeer successfully brings its Clarington and Tydal HPC capacity online by 2028, shares could potentially be valued at $44 in that scenario.

In other recent news, Bitdeer Technologies Group has reported significant developments in its operations. The company mined 452 Bitcoins in September, marking a 20.5% increase from August, driven by an improved self-mining hashrate that reached 35.0 exahash per second. Bitdeer aims to further boost this figure to 40 EH/s by the end of October. Additionally, Bitdeer is expanding its strategy in high-performance computing and artificial intelligence, enhancing its capabilities in these areas.

In another update, Bitdeer announced plans to redeem $7.7 million in convertible senior notes ahead of their 2029 maturity date, with the redemption set for late September 2025. The company will pay noteholders the full principal amount plus accrued interest. Meanwhile, the research firm Benchmark has reiterated its Buy rating on Bitdeer stock, maintaining a price target of $240.00, citing "meaningful progress" across the company’s business segments. These recent developments highlight Bitdeer’s strategic advancements and financial maneuvers.

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