Benchmark starts ‘very inexpensive’ Canaan with a Buy

As previously reported, Benchmark initiated coverage of Canaan (CAN) with a Buy rating and $3 price target Canaan’s vertically integrated approach differentiates it within the bitcoin mining space, while positioning it to capitalize on both chip and rig sales and proprietary mining revenues, says the analyst, who believes the company’s ADRs are “very inexpensive.” The firm expects the share price to appreciate as the company executes on its strategy, with a potential tailwind coming from the rising price of bitcoin, the analyst added.