According to Benchmark, one Nvidia derivative game is a bargain purchase that could be more than double current prices. Analyst Mark Palmer initiated a buy rating on Bitdeer Technologies in a report on Thursday. The Singaporean cryptocurrency mining company only went public last 12 months via a SPAC, but Palmer said Bitdeer, which has six data centers in the U.S., Norway and Bhutan, has attractive growth prospects. This view is due in part to a key partnership with Nvidia that will help Bitdeer expand into artificial intelligence. In November, Bitdeer announced that it might be the popular cloud service provider for Nvidia’s partner network. “BTDR plans to expand into AI/HPC in the near future with the launch of the Bitdeer AI Cloud offering, which will enable companies to access high-powered computing resources in the cloud to perform AI or machine learning tasks,” Palmer wrote in his report . “We believe the company is well-positioned to gain market share in the AI/HPC space, where it will initially focus on serving small AI companies, thanks in part to its status as a preferred cloud provider in Nvidia’s partner network,” Palmer said . Moreover, in accordance with Palmer, Bitdeer stands out from other competitors due to its scalable business in addition to its diversified revenue stream. All this should improve the costs of corporations that have achieved much weaker results this 12 months. In 2024, Bitdeer is down 36% to date. However, Benchmark’s $13 price goal means the corporate’s share price could nearly double from Wednesday’s closing price of $6.74 per share. “We believe that BTDR stock is attractive given the wide spread between its discounted valuation and the company’s growth prospects,” Palmer wrote Thursday, “and we expect its price to increase significantly as management executes on its growth plans.” Benchmark is not the only Wall Street firm to recently initiate a report on a cryptocurrency miner. On Wednesday, BTIG’s Gregory Lewis initiated coverage of the stock with a buy rating and an excellent higher price goal of $15, which might represent an upside of 122%. — CNBC’s Michael Bloom contributed to this report.
Benchmark claims that this Nvidia derivative game could more than double in price from here
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