On Monday, Rosenblatt Securities analyst Kevin Cassidy confirmed a Buy rating for Canaan Inc . (NASDAQ:CAN) with a continued price target of $8.00. Currently trading at $1.11, the stock sits well below the consensus analyst targets ranging from $2.75 to $8.02. According to InvestingPro analysis, Canaan appears undervalued based on its Fair Value calculation. The affirmation follows recent investor meetings with Canaan’s CFO James Cheng, Head of Capital Markets Leo Wang, and IR Manager Gwyn Lauber, where the company’s management conveyed an optimistic outlook on the demand for their A15 BitcoinMining equipment, with orders filled through May/June. Investors should note that InvestingPro data shows the company maintains a healthy balance sheet with more cash than debt and a current ratio of 2.03, though it’s currently burning through cash rapidly.
