Canaan’s ‘accelerating turnaround story’ makes it a buy as Avalon miner orders surge: Benchmark
Benchmark reiterated a 'buy' rating on Canaan, raising its price target due to surging Avalon miner orders and operational improvements.Summary
Benchmark analyst Mark Palmer reiterated a "buy" rating on Canaan (ticker CAN) and increased the price target to $4, more than double its current trading level, citing an "accelerating turnaround story." This positive outlook is fueled by surging demand for its Avalon A15-series rigs, highlighted by a recent 50,000-unit order, the company's largest since 2022. Furthermore, Canaan has resolved a potential delisting overhang by regaining Nasdaq compliance, and its operational progress includes an expanding self-mining base and a treasury holding 1,582 BTC and 2,830 ETH, valued around $184 million. The firm also noted Canaan's new pilot project in Alberta, Canada, repurposing stranded natural gas for mining and AI workloads, leading Palmer to conclude that Canaan is well-positioned for further share-price appreciation.
(Source：The Block)