Analyst Bio:
Rosenblatt began coverage of Canaan (NASDAQ:CAN) with a Buy rating and a $3 price target.
Singapore-based Canaan engages in the design and sale of integrated circuits, or IC, and lease of final mining equipment by integrating IC products for bitcoin mining and related parts in China.
Analyst Kevin Cassidy said they 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.
