Benchmark increases its price target on Bitdeer to $29 per share from $16

Shares of bitcoin mining company Bitdeer Technologies have rallied nearly 170% in the past month alone. Benchmark raised its price target for Bitdeer to $29 per share from $16.
Mark Palmer, senior equity analyst at Benchmark, said Bitdeer's share price (ticker: BTDR) is being driven by the potential upside from three different drivers: its development and operation of data centers powering artificial intelligence and high-performance computing (HPC) projects, its increased hash rate to support its Bitcoin self-mining efforts, and its design and manufacturing of next-generation ASIC chips and Bitcoin mining equipment.