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Investing.com - Benchmark has reiterated its Buy rating on Canaan Inc. (NASDAQ:CAN) with a price target of $2.00, according to a research note released this week. The stock, currently trading at $0.82, has shown strong momentum with a 16% gain over the past week. According to InvestingPro data, analyst targets for the stock range from $1.50 to $4.00.
The research firm’s analysis comes after Benchmark analyst Mark Palmer met with Canaan’s Chief Financial Officer James Cheng and Head of Capital Markets Leo Wang earlier this week.
In the research note, Benchmark highlighted Canaan’s efforts to engineer a comeback across commercial, operational, and financial aspects of its business.
The firm specifically noted Canaan’s vertically integrated bitcoin mining rig manufacturing and self-mining platform as key components of this recovery strategy.
Benchmark also observed that the market continues to price Canaan’s stock "like a busted cycle play" despite these comeback efforts.
In other recent news, Canaan Inc . reported its Q2 2025 earnings, revealing a significant revenue miss and an unexpected earnings per share (EPS) result. The company posted an EPS of -1.02, which was notably below the forecasted -0.04, marking a 2450% surprise. Revenue fell short at $71.86 million against a forecast of $109.45 million, a 34.34% miss. Additionally, Canaan announced a 10% increase in its bitcoin mining for August 2025, mining 98 bitcoins during the month. The company’s bitcoin treasury grew to 1,547 bitcoins as of August 31. In another development, Canaan has partnered with Luxor Technology Corporation to offer financing solutions for customers purchasing Avalon bitcoin mining machines. This partnership facilitated the sale of more than 5,000 Avalon A15 Pro bitcoin mining machines to a U.S.-based institutional bitcoin miner. These recent developments provide a comprehensive view of the company’s activities and financial performance.
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