In a report released yesterday, Kevin Cassidy from Rosenblatt Securities maintained a Buy rating on Canaan (CAN – Research Report), with a price target of $5.00.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Kevin Cassidy has given his Buy rating due to a combination of factors that highlight Canaan’s strategic growth and operational efficiency. The company has shown a significant increase in its bitcoin mining operations, with a 25% rise in bitcoins mined in May 2025 compared to the previous month, largely driven by favorable bitcoin prices. This growth is supported by Canaan’s expansion in North America, where they added 0.91 EH/s of new capacity, contributing to a total deployed hashrate of 8.75 EH/s.
Additionally, Canaan’s financial strategies, such as the $30M share repurchase program and the acquisition of shares by the CEO and CFO, demonstrate strong confidence in the company’s long-term prospects. Despite the termination of a $100M financing agreement due to market conditions, these actions reflect a commitment to enhancing shareholder value. With a focus on increasing self-mining capacity and a target price of $5.00 based on 2x 2026 EV/Sales, Cassidy sees Canaan as a promising investment opportunity.
CAN’s price has also changed dramatically for the past six months – from $3.090 to $0.703, which is a -77.25% drop .