Benchmark reiterates its “buy” rating on BTDR and raises its price target to $29

Shares of Bitcoin mining and data company Bitdeer Technologies have nearly quadrupled in the past four months, and are up nearly 170% in the past month alone. Mark Palmer, senior equity analyst at Benchmark, said the momentum behind Bitdeer's (ticker: BTDR) share price rise comes from three different drivers: its development and operation of data centers that power artificial intelligence and high-performance computing (HPC) projects, its increased computing power to support its Bitcoin self-mining efforts, and its design and manufacturing of next-generation ASIC chips and Bitcoin mining equipment. Bitdeer will also strengthen its Bitcoin self-mining efforts by integrating some of the mining machines it produces into its own mining fleet, "making it the most vertically integrated company among listed Bitcoin mining companies," the analyst noted. Benchmark reiterated its "buy" rating on BTDR, while raising its target price from $16 to $29. (The Block)