Summary
- Benchmark has suggested a 'buy' investment rating for Canaan and set a target price of $3.
- Benchmark stated that Canaan's vertically integrated business model would provide significant benefits if Bitcoin prices rise.
- The investment bank emphasized that Canaan's current stock price is quite low.
According to CoinDesk, a cryptocurrency-focused media outlet, on the 6th (local time), the American investment bank Benchmark has suggested a 'buy' investment rating for Canaan, a Nasdaq-listed Chinese mining machine manufacturer. The target price is $3. Benchmark explained, "Canaan has a vertically integrated business model, combining Bitcoin (BTC) mining hardware production with its own mining system, which can greatly benefit from rising Bitcoin prices," adding, "Considering this, Canaan's current stock price is quite low." 
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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