According to Benchmark Equity Research, on Thursday the firm reiterated its buy rating and $27 price target on Bitdeer Technologies (BTDR), citing the stock’s re-rating potential as it transitions into AI and high-performance computing infrastructure. Bitdeer shares surged nearly 21% on Wednesday following Hut 8’s announcement of a 352 MW AI data center deal, highlighting investor enthusiasm for hybrid bitcoin mining and AI firms. Bitdeer’s AI cloud annual recurring revenue hit $43 million as of end-March, a 105% month-over-month increase. The analyst noted BTDR trades at a comparatively inexpensive 4.5x forward EV/revenue valuation despite possessing similar power access, vertical integration, and proprietary chip development capabilities as higher-valued peers.
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