Canaan (CAN, Financial), a prominent player in the technology sector, has recently seen its price target lowered by B. Riley Securities. Analyst Nick Giles has maintained a 'Buy' rating for the company, but adjusted the price target from $3.00 USD to $2.00 USD, marking a significant decrease of 33.33%.
This adjustment reflects the current assessments and expectations surrounding Canaan (CAN, Financial), as the firm navigates through a challenging period in the market. Despite the lowered price target, the 'Buy' rating indicates continued confidence from B. Riley Securities in the company's potential performance.
Investors are encouraged to monitor Canaan's (CAN, Financial) developments as the company continues its operations amidst fluctuating market conditions. The revised target will be a crucial factor for current and potential shareholders assessing their investment strategies.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 7 analysts, the average target price for Canaan Inc (CAN, Financial) is $2.68 with a high estimate of $5.00 and a low estimate of $1.50. The average target implies an upside of 272.57% from the current price of $0.72. More detailed estimate data can be found on the Canaan Inc (CAN) Forecast page.
Based on the consensus recommendation from 6 brokerage firms, Canaan Inc's (CAN, Financial) average brokerage recommendation is currently 2.0, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Canaan Inc (CAN, Financial) in one year is $2.14, suggesting a upside of 197.66% from the current price of $0.71895. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Canaan Inc (CAN) Summary page.
