Canaan's Solid Operations Recognized, Wall Street Investment Firm Rosenblatt Gives "Buy" Rating
Canaan Inc. - American Depositary Shares (CAN)
Company Research
Source: PR Newswire
SINGAPORE, Sept. 12, 2024 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) has been recognized for its solid operations by Rosenblatt, a Wall Street investment firm that defines Canaan Inc. as "promising" in light of the upcoming BTC bull market, and initiating with a "buy" rating and a $3 price target for its stock over the next 12 months. The report shows that Canaan is significantly undervalued, trading at 0.6x EV/Sales, compared to 3.9x for its peer group, an undervaluation that stems from concerns about the company's profitability and its perceived role as a hardware provider. However, As Canaan adjusts and continues to execute its strategy of expanding self-mining operations—using internally developed hardware in low-cost areas, and Canaan's star products Avalonminer's product features, resistance to corrosion, salt and humidity, which helps it mine in low-cost and harsh environments, such as West Texas in the U.S and in the Middle East regions, the company is expected to benefit from
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CAN
News
- Canaan Inc. (NASDAQ: CAN) had its "buy" rating re-affirmed by analysts at HC Wainwright. They now have a $3.00 price target on the stock.MarketBeat
- Canaan Inc (CAN) Q3 2024 Earnings Call Highlights: Record Revenue and Strategic Growth Amid ... [Yahoo! Finance]Yahoo! Finance
- Canaan (CAN) Reports Q3 Loss, Tops Revenue Estimates [Yahoo! Finance]Yahoo! Finance
- Canaan Inc. Reports Unaudited Third Quarter 2024 Financial ResultsPR Newswire
- Canaan Inc. Announces the Execution of a Securities Purchase AgreementPR Newswire
CAN
Earnings
- 11/20/24 - In-Line
CAN
Sec Filings
- 11/20/24 - Form 6-K
- 11/20/24 - Form 6-K
- 11/20/24 - Form 6-K
- CAN's page on the SEC website