Benchmark analyst reaffirms a buy rating on Bitdeer with a target price of $38.

Golden Finance reports that Bitcoin miner Bitdeer Technologies Group (stock code BTDR) saw its stock price drop over 30% this week, falling from slightly above $23 on Monday morning to around $16 on Tuesday. The company’s third-quarter earnings failed to meet investor expectations for significant artificial intelligence infrastructure upgrades, leading to a prolonged downward trend of nearly a month.

Despite this, Benchmark analyst Mark Palmer reiterated a buy rating and a target price of $38. In a stock report released on Tuesday, he noted that the sell-off “seems to reflect overly high investor expectations rather than any deterioration in the company’s fundamentals.” Palmer stated that Bitdeer’s fundamentals remain solid in self-mining, hosting, and cloud services, with revenue increasing 174% year-over-year to nearly $170 million, and adjusted EBITDA turning from a loss in the same period last year to $43 million.