Rosenblatt Securities initiates Bitdeer Technologies with 'buy'
09/04/2024 15:31
** Rosenblatt Securities initiates coverage on bitcoin miner
Bitdeer Technologies BTDR.O with "buy" rating and PT of
$10.50, a ~47.9% upside on the stock's last close
** Brokerage says it prefers BTDR as it meets its criteria
of miners with cheap power, reputable management teams, as well
as diversification of revenue and geography
** As the bitcoin halving approaches, we expect fewer public
miners, while investor focus will shift to "quality" players
like BTDR - Rosenblatt
** BTDR trades at a discount to peers driven by its more
complex business model - brokerage
** All six brokerages rate the stock "buy" or higher; their
median PT is $13.50 - LSEG data
** BTDR shares down 28.5% YTD
(Reporting by Arasu Kannagi Basil in Bengaluru)
((ArasuKannagi.Basil@thomsonreuters.com;))