Rosenblatt Starts Canaan (CAN) at Buy; Well Positioned for the Coming BTC Bull Market

Rosenblatt analyst Kevin Cassidy initiates coverage on Canaan Inc. (NASDAQ: CAN) with a Buy rating and a price target of $3.00.

The analyst said: "We view Canaan’s position in front of the coming Bitcoin bull market as compelling. This positioning starts with Canaan’s advanced ASIC chip technology as foundational for Bitcoin mining machines (rigs), offering superior performance, energy efficiency, and ruggedness. These new systems doubled revenue sequentially following the April 2024 Bitcoin halving event. We see a pipeline of increasing demand as the company rolls out the A15 and A16-based rigs over the next few years. Importantly, management’s strategy is to increase the more profitable self-mining revenue. Canaan’s ruggedized rigs allow for mining in low-cost, harsh environments such as West Texas and the Middle East."

For an analyst ratings summary and ratings history on Canaan Inc. click here. For more ratings news on Canaan Inc. click here.

Shares of Canaan Inc. closed at $0.93 yesterday.

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