- Wall Road analysts have predicted a big upside for CAN, Canaan’s cryptocurrency-related inventory.
- Analysts consider that the return of BTC’s momentum will set off accelerated demand for Canaan’s mining chips.
- Based on analysts, Canaan’s current partnership will even increase demand for its inventory.
Wall Road analysts have predicted vital development for CAN, a China-based maker of cryptocurrency-related bitcoin mining tools Canaan Inc. Analysts indicated a “Robust Purchase” sign for CAN regardless of shut monitoring of the inventory on Wall Road.
The analysts’ forecast follows Bitcoin’s restoration and climb above $60,000, suggesting accelerated adoption of cryptocurrencies. Along with rising cryptocurrency adoption, Canaan’s current partnership growth has additionally led Wall Road analysts to foretell upside potential for the inventory.
Bitcoin broke the numerous $60,000 worth degree final week after a 5-day streak of features. TradingView information reveals BTC reaching $64,000 for the primary time since November 2021. Regardless of the transfer, CAN shares have lagged, at present buying and selling beneath $2 a share, down 30% year-to-date, in accordance with Nasdaq information.
Based on reviews, Canaan has continued to safe vital buy orders from main cryptocurrency mining companions amid ongoing commerce tensions within the US. Analysts consider the offers underscore the corporate’s strengths in mining equipment. It additionally positions Canaan to learn from additional Bitcoin and cryptocurrency adoption.
A few of these offers embody a follow-on buy settlement with Cipher Mining and Stronghold Digital, introduced by Canaan in early 2024. These new agreements construct on current relationships and embody the mixed buy of over 17,000 of Canaan’s latest A1466 and A1346 bitcoins. equipment fashions.
Amid the momentum in Canaan’s share worth, Benchmark lowered its worth goal on CAN after incomes it to $2.50, down from an earlier excessive of $5.50 on the Road. Nonetheless, the brand new common worth goal of $2.75 implies an anticipated upside of greater than 100% from Friday’s shut.
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