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Shares of crypto miner Bitdeer Technologies (NASDAQ:BTDR) are down at the time of writing despite receiving analyst praise. In fact, investment firm Cantor Fitzgerald began coverage with an Overweight rating, as analyst Brett Knoblauch sees strong growth potential for the company.
Cryptocurrency mining company Bitdeer Technologies (NASDAQ:BTDR) has caught the attention of Cantor Fitzgerald, with analyst Brett Knoblauch initiating coverage and recommending the stock. Knoblauch's analysis highlights Bitdeer's potential to become one of the largest publicly traded Bitcoin (BTC-USD) mining companies.
According to Knoblauch, Bitdeer is currently undervalued due to four key factors:
Highlighting the company's growth plans, Knoblauch noted that Bitdeer is expanding its data centers, adding 1,079 megawatts of power, which could increase its mining capacity by 59.5 exahashes per second.
Now, here's what Wall Street thinks about BTDR stock: Strong Buy consensus Strong consensus on seven Buys assigned in the past three months to BTDR stock.
After a more than 12% rally in its share price over the past year, the average Bitdeer Technologies price target of $14.21 per share, implies 101.27% upside potential.
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