Shares of Bitdeer Technologies Group (BTDR) surged over 5% in pre-market trading on Tuesday, following multiple analysts raising their price targets on the stock. The positive analyst actions suggest growing optimism about the cryptocurrency computing company's growth prospects.
Leading the bullish calls, H.C. Wainwright analyst Mike Colonnese hiked their price target on BTDR to $18 from $17, reiterating a Buy rating. Roth MKM also increased their target to $15 from $14 while maintaining a Buy recommendation. The analysts cited Bitdeer's strong Q3 results and robust outlook as key drivers behind the upward revisions.
Meanwhile, Needham maintained their $14 price target and reiterated their Buy stance on the stock. The flurry of positive analyst moves reflects Wall Street's confidence in Bitdeer's ability to capitalize on the rising demand for cryptocurrency mining and computing services.
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