Needham starts Bitdeer at Buy, sees benefits in revenue diversification

As previously reported, Needham analyst John Todaro initiated coverage of Bitdeer with a Buy rating and $14 price target. The company’s diversification benefits – with no revenue vertical having more than 40% share – will help it buffer an expected industry-wide declines in self-mining revenue post the 2024 halving as well as during bear markets when bitcoin prices decline, the analyst tells investors in a research note. Bitdeer is also the only miner with its own machine manufacturing, which allows the company to source machines at production cost, the firm added.