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
- Is Canaan Inc. (CAN) the Best Cryptocurrency Stock to Buy According to Wall Street? [Yahoo! Finance]Yahoo! Finance
- Canaan Inc. Signs Agreement with HIVE for Avalon A1566 MinersPR Newswire
- Canaan Upgraded Avalon Miner A15 Series with Superior PerformancePR Newswire
- Canaan Upgraded Avalon Miner A15 Series with Superior PerformancePR Newswire
- Canaan Upgraded Avalon Miner A15 Series with Superior PerformancePR Newswire
CAN
Earnings
- 8/15/24 - Beat
CAN
Sec Filings
- 11/1/24 - Form 6-K
- 10/24/24 - Form SC
- 9/30/24 - Form 6-K
- CAN's page on the SEC website