Canaan’s Turnaround Gains Steam as Benchmark Doubles Price Target to $4

Why It Matters

79 on the news.

Summary

Benchmark raised its price target on Canaan to $4 from $2 and reiterated a buy, citing Nasdaq compliance restored and accelerating demand for its Avalon mining rigs. The broker highlighted Canaan’s largest U.S. order in three years for over 50,000 A15 Pro units, expanding self‑mining capacity (9.3 EH/s in September, 92 BTC mined that month) and digital holdings of roughly 1,582 BTC and 2,830 ETH. With an industry‑low average power cost of $0.042/kWh and upcoming Q4 shipments, Benchmark says Canaan is positioned for further share‑price upside; the stock rose about 5% to $1.79 on the news.