Needham analyst John Todaro has revised the target price for Bitdeer (BTDR, Financial), bringing it down to $13 from the previous $15, while maintaining a Buy rating on the stock. This adjustment reflects changes in the company's financial outlook, notably a reduction in the adjusted EBITDA projections.
The downward revision is driven by a decrease in the delivery of Application-Specific Integrated Circuit (ASIC) chips during the latter half of the year. Additionally, there are minor increases in operational expenses, including power costs, selling, general and administrative expenses (SG&A), and research and development (R&D) investments.
Another factor impacting Bitdeer's performance is the weakened demand for ASICs, which is attributed to the downturn in bitcoin prices and broader macroeconomic uncertainties. These dynamics are influencing the company's strategic and financial adjustments, leading to the updated target price.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 12 analysts, the average target price for Bitdeer Technologies Group (BTDR, Financial) is $20.80 with a high estimate of $30.00 and a low estimate of $13.00. The average target implies an upside of 172.97% from the current price of $7.62. More detailed estimate data can be found on the Bitdeer Technologies Group (BTDR) Forecast page.
Based on the consensus recommendation from 12 brokerage firms, Bitdeer Technologies Group's (BTDR, Financial) average brokerage recommendation is currently 1.9, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
