Bond.az - Keefe, Bruyette & Woods (KBW) has reiterated a Market Perform rating and $11.50 price target on Bitdeer Technologies Group (NASDAQ:BTDR) stock following Q1 2026 results released on May 14.
The firm updated its financial model with 2026 EBITDA estimates largely unchanged due to a more favorable AI cloud business mix, while lowering 2027 projections. Sealminer inventory is accumulating faster than external demand, creating potential writedown risk.
KBW highlighted that anticipated negative levered free cash flow poses elevated dilution risk for shareholders. They also pointed to increasing reliance on related-party financing as a concern.
Potential project financing for the Tydal project above capex requirements could address near-term funding needs but would reduce overall lease equity value creation. The $11.50 price target is supported by assumed favorable Tydal lease economics.
KBW stated that while a Tydal deal could improve expectations for Rockdale and Clarington leases and support share price gains, they seek better visibility on execution before assigning prospective lease value. They plan to visit the Rockdale site this week.
In other news, Bitdeer reported Q1 2026 revenue of $188.9 million, missing estimates, with EPS of -$0.68. Rosenblatt raised its price target to $25, Needham to $19, Cantor Fitzgerald to $15 with Neutral rating, and Benchmark reiterated Buy with $27 target.
This article was generated with AI support and reviewed by an editor.
