CAN - Canaan lands Buy rating from HCW on improved equipment performance
- Canaan ( NASDAQ: CAN ) ADRs rose as much as 2.4% in Thursday premarket trading after HC Wainwright launched coverage on the China-based manufacturer of bitcoin ( BTC-USD ) mining machines with a Buy rating.
- "The performance consistency of key component ASICs greatly improved through the course of last year," HCW wrote in a note to clients.
- Nevertheless, shares of Canaan ( CAN ) are down over 55% in the past year in a move that "may have SEC de-listing threats to blame, among the crypto-verse tumble and sundry stock market crushing macro forces," according to the note.
- Furthermore, "we see Canaan's business generating solid economics," as the company builds a presence in the U.S. (the world's most popular crypto mining hub), as well as its improved operating performance of its machines, the note said.
- HCW's Buy rating diverges from the Quant Rating of Hold with the poorest marks in revisions and momentum.
- Take a look at why SA contributor GI Research is bullish on Canaan .
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Canaan lands Buy rating from HCW on improved equipment performance