Bitdeer Technologies Group (NASDAQ:BTDR) stock dipped 4.9% in Thursday morning trading even after Benchmark analyst Mark Palmer started coverage of the bitcoin (BTC-USD) mining platform with a Buy rating.

Palmer perceives the Singapore-based company as distinct from peers, given its scalable infrastructure with relatively low mining costs; diverse revenue streams; and its recent expansion into AI.

In all, shares of Bitdeer (BTDR), which went public through a SPAC merger in April 2023, "are attractive, in our view, given the wide gap between their discount valuation and the company’s growth prospects, and we expect their price to appreciate meaningfully as management executes on their growth plans," he wrote in a note.

Despite a the ongoing bull run in crypto prices and other crypto-related stocks, BTDR retreated 35% this year.

Palmer's Buy rating diverges from the SA Quant system rating of Hold and aligns with the average Wall Street analyst rating of Strong Buy.