Canaan price target lowered to $1.30 from $2.25 at Rosenblatt

Rosenblatt lowered the firm’s price target on Canaan (CAN) to $1.30 from $2.25 and keeps a Buy rating on the shares post the Q1 report. The company is “persevering” through declining bitcoin prices and increasing energy costs, the analyst tells investors in a research note. The firm says Canaan is making strategic moves to become a more vertically integrated bitcoin miner while diversifying into home markets and cutting costs.