Rosenblatt raises Bitdeer stock target to $30, maintains Buy rating

On Wednesday, Rosenblatt Securities increased its price target on Bitdeer Technologies Group (NASDAQ:BTDR) shares, raising it to $30.00 from the previous $22.00, while reiterating a Buy rating on the stock. Currently trading at $16.89 with a market capitalization of $2.49 billion, InvestingPro analysis indicates the stock is trading slightly above its Fair Value.

The adjustment came after Rosenblatt analysts, including Kevin Cassidy, conducted investor meetings with Bitdeer’s founder, Chairman, and CEO Jihan Wu, as well as Chief Strategy Officer Haris Basit, in Taipei. The meetings, which attracted both current investors and those new to Bitdeer’s narrative, were well-received and extended beyond their scheduled time, often lasting over an hour. The company maintains a strong financial position with a current ratio of 9.44, indicating robust liquidity.

Rosenblatt’s analysts highlighted the company’s strategic approach to becoming the world’s largest vertically integrated Bitcoin miner. They noted Bitdeer’s expanding access to power and the potential to diversify into artificial intelligence (AI) and high-performance computing (HPC) through the colocation business. With revenue of $395.61 million in the last twelve months and year-over-year growth of 19.58%, the company shows promising expansion.

The firm’s decision to lift the 12-month price target for Bitdeer is based on a valuation of 20 times the projected 2025 earnings before interest, taxes, depreciation, and amortization (EBITDA). This projection underscores Rosenblatt’s confidence in Bitdeer’s future financial performance and growth trajectory.

Bitdeer, which specializes in cryptocurrency mining, is poised to capitalize on the growing demand for digital currency mining and associated services. The company’s efforts to broaden its business scope and enhance its infrastructure are key factors that likely contributed to the positive outlook from Rosenblatt analysts.

In other recent news, Bitcoin mining firm Bitdeer has made a significant move by acquiring a 101-megawatt power project in Alberta, Canada. The company’s $21.7 million deal involves permits and licenses on 19 acres of land near Fox Creek, Alberta, which is anticipated to scale to 1 GW of power. This acquisition is part of Bitdeer’s strategy to scale up its mining operations and become the world’s first fully-vertically integrated Bitcoin miner at scale.

Simultaneously, analysts from Needham and Rosenblatt have maintained their Buy ratings on Bitdeer, with Needham increasing the price target for Bitdeer Technologies Group shares to $22. Needham’s revised projections are based on the company’s machine manufacturing sales and confidence in Bitdeer’s High-Performance Computing opportunities. Rosenblatt’s coverage noted that Bitdeer is on schedule to produce 35 EH/s of their SEALMINER A2 rigs by the third quarter of 2025, contributing to the company’s potential growth.

In addition, Roth/MKM maintained a Buy rating for Bitdeer and significantly raised its price target to $29.00. This decision follows the company’s progress in High-Performance Computing and Artificial Intelligence, as well as the rapid traction of its SEALMINER platform. Lastly, Benchmark raised the price target on Bitdeer Technologies Group to $29 while maintaining a Buy rating, highlighting the company’s potential upside from a trio of growth drivers.

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