In a report released today, Mike Colonnese from H.C. Wainwright reiterated a Buy rating on Bitdeer Technologies (BTDR – Research Report), with a price target of $17.50.
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Mike Colonnese has given his Buy rating due to a combination of factors including Bitdeer Technologies’ significant growth trajectory and strategic positioning in the market. The company is on the verge of a major expansion in its self-mining operations, aiming to more than triple its deployed capacity to 40 EH/s by October 2025. This aggressive growth plan is supported by the energization of additional power capacity at existing facilities and new developments, positioning Bitdeer to capture a larger market share as competitors scale back.
Moreover, Bitdeer’s use of its proprietary ASIC, the SEALMINER, offers a cost advantage that is expected to enhance its competitive edge. Although the initial sales of the SEALMINER A2 model have been underwhelming, the company is progressing with its product roadmap, with new models expected to offer superior efficiency. These developments, coupled with the anticipated rise in BTC prices, suggest that Bitdeer’s growth potential is not yet fully reflected in its current stock price, justifying the Buy rating.
According to TipRanks, Colonnese is a 5-star analyst with an average return of 32.9% and a 51.52% success rate. Colonnese covers the Financial sector, focusing on stocks such as Bitfarms, Galaxy Digital Holdings, and Cipher Mining.
In another report released today, Needham also maintained a Buy rating on the stock with a $17.00 price target.