Needham raised its price target on Bitdeer Technologies Group (NASDAQ:BTDR) to $19.00 from $18.00 on Thursday while maintaining a Buy rating.
Bitdeer posted revenue above expectations but missed on adjusted EBITDA, mainly in its mining segment due to higher power costs. Gross profit margin stood at just 9.8%, reflecting ongoing cost pressures.
The company reiterated advanced discussions on Tydal, with the first 50MW phase targeting readiness by end of 2026. The initial lease is expected to bring approximately 170 MW of critical capacity, fully online by Q4 2027.
The stock has surged 40% over the past six months. Near-term catalysts include signing the Tydal lease, securing financing for Rockdale and Clarington, and marketing US sites for hyperscaler tenants.
In Q1 2026, Bitdeer reported EPS of -$0.68, missing estimates of -$0.37. Revenue also fell short at $188.9 million vs. $199.51 million expected. Rosenblatt raised its price target to $25, maintaining a Buy rating.
