Canaan initiated with a Market Perform at Northland

Northland analyst Mike Grondahl initiated coverage of Canaan (CAN) with a Market Perform rating and $1.50 price target Canaan delivered the world’s first batch of Bitcoin (BTC) mining machines that incorporated ASIC technology in 2013, but competitor BITMAIN now controls about 70%-80% of the market, the analyst tells investors. The firm, which notes that Canaan also has self-mining operations, believes the company is “strategically positioned to become a premier provider” as companies seek supply chain diversification, the analyst tells investors.