Analyst Kevin Dede from H.C. Wainwright reiterated a Buy rating on Canaan (CAN – Research Report) and keeping the price target at $3.00.
Kevin Dede has given his Buy rating due to a combination of factors that highlight Canaan’s strategic positioning and growth potential. The company reported strong fourth-quarter results with revenues slightly surpassing expectations, driven by increased bitcoin prices and a significant contribution from North American miners. Canaan’s proactive alignment of its supply chain to mitigate potential regulatory challenges further strengthens its market position.
Moreover, the company’s innovation in launching the latest-generation A16 miner and its strategic focus on expanding self-mining capacity underscore its commitment to growth. Canaan’s management remains optimistic about achieving substantial sales in the latter half of 2025, supported by flexible strategies to adapt to market demand. The company’s emphasis on performance improvement and customer support solidifies the Buy rating, with a price target of $3.
Dede covers the Technology sector, focusing on stocks such as Canaan, Exodus Movement, Inc. Class A, and BIT Mining. According to TipRanks, Dede has an average return of 1.9% and a 38.10% success rate on recommended stocks.
In another report released on March 18, Compass Point also initiated coverage with a Buy rating on the stock with a $2.50 price target.