Benchmark analyst reiterates Buy rating and $38 price target for Bitdeer

Jinse Finance reported that the stock price of bitcoin miner Bitdeer Technologies Group (stock code BTDR) fell by more than 30% this week, dropping from just above $23 on Monday morning to about $16 on Tuesday. The company's third-quarter earnings failed to meet investors' expectations for significant artificial intelligence infrastructure upgrades, causing the stock price to continue its month-long downward trend. Nevertheless, Benchmark analyst Mark Palmer reiterated his buy rating and a target price of $38, noting in a stock report released on Tuesday that this sell-off "appears to reflect overly high investor expectations rather than any deterioration in the company's fundamentals." Palmer stated that Bitdeer's fundamentals in self-mining, hosting, and cloud services remain solid, with revenue up 174% year-over-year to nearly $170 millions, and adjusted EBITDA turning from a loss in the same period last year to $43 millions.