Bitdeer Technologies Group (NASDAQ: BTDR), a prominent name in the Bitcoin mining and high-performance computing (HPC) industry, has recently caught the eye of three leading capital markets firms. Roth/MKM, B. Riley Securities, and BTIG have all initiated coverage on Bitdeer, each assigning a Buy rating and setting optimistic price targets that underscore the company's growth prospects in the competitive Bitcoin mining sector.
Roth/MKM has set a price target of $14 for Bitdeer, a notable increase from its current trading price around $7. The firm's confidence in Bitdeer stems from its aggressive expansion strategy, which aims to boost its capacity to nearly two gigawatts. This ambitious plan is seen as a pivotal growth driver that could elevate Bitdeer's standing in the mining industry.
B. Riley Securities echoes this positive outlook, initiating coverage with a Buy rating and projecting a one-year price target of $15.30, representing a potential upside of over 140%. The firm anticipates Bitdeer's revenue to climb to $381 million, alongside a non-GAAP EPS of $0.44, further solidifying the company's financial trajectory.
BTIG analyst Gregory Lewis also contributed to the bullish sentiment with a Buy rating and a $15 price target. Lewis highlights Bitdeer's robust position as a global Bitcoin miner, complemented by its diversified operations that include a significant self-mining hash rate and hosting services. These factors collectively position Bitdeer as a key player in the evolving landscape of cryptocurrency mining.
The unanimous Buy ratings from these esteemed firms underscore the potential impact of Bitdeer's strategic initiatives on its future growth and the broader Bitcoin mining industry. For more information on Bitdeer's expansion plans and market position, visit https://www.bitdeer.com.
