Canaan Inc. (CAN) PT Lowered to $2 at BTIG

BTIG analyst Gregory Lewis lowered the price target on Canaan Inc. (NASDAQ: CAN) to $2.00 (from $3.00) while maintaining a Buy rating.

The analyst commented: "CAN reported 2Q26 earnings this morning (BMO) with revenue of ~$32M coming in below consensus of ~$65M and below the previous guidance range of $35M-$45M as weaker BTC prices continued to weigh on both product sales and mining. CAN sold ~2.5EH of computing power in 2Q26, a ~40% Q-Q decline as global demand for mining equipment continues to face headwinds owing to weaker BTC prices and the ongoing shift from many public miners to HPC/AI. Against this backdrop, CAN's average selling price (ASP) for mining equipment nearly halved Q-Q. While BTC price is up ~20% over the past month, management expects the market for mining rigs to remain under pressure and guided to ~$11M-$15M of revenue for 3Q26 (consensus ~$105M). Turning to mining, CAN's total hashrate under management sits at ~15 EH, and, more importantly, CAN continued to make meaningful progress upgrading the mining fleet at its ABC JV (acquired from Cipher Digital (CIFR, Buy, $35 PT)), growing its hashrate at the site by ~10% Q-Q."

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