Benchmark believes there’s a significant buying opportunity in Bitdeer Technologies, a Singapore-based cryptocurrency mining company that recently went public through a SPAC. Analyst Mark Palmer initiated coverage of Bitdeer with a buy rating, suggesting that the stock could more than double from its current price.

Bitdeer’s growth outlook is compelling, with six data centers spread across the U.S., Norway, and Bhutan. One key driver of this growth is a partnership with Nvidia, where Bitdeer will become a preferred cloud service provider for Nvidia’s partner network. This partnership will enable Bitdeer to expand into artificial intelligence (AI), specifically targeting small AI companies initially.

Palmer highlighted Bitdeer’s scalable business model and diversified revenue stream, which differentiates it from its peers. Despite underperforming in 2024 with a 36% decline in its stock price, Benchmark’s $13 price target suggests that the stock could nearly double from its Wednesday closing price of $6.74 per share.

Another analyst, Gregory Lewis of BTIG, also initiated coverage with a buy rating and a higher price target of $15, implying a 122% upside potential. Both analysts are optimistic about Bitdeer’s growth prospects and believe that the stock is currently undervalued, presenting an attractive investment opportunity.

Benchmark’s Equity Research team is renowned for its extensive experience in the financial industry. The analysts boast an average of over two decades of equity research expertise, with many also possessing significant industry-specific work backgrounds. Their research is distinguished by insightful and unique perspectives, honed by navigating numerous market cycles. Additionally, many analysts have covered their respective companies for longer durations compared to their counterparts, further enriching their analysis.