Canaan’s ‘accelerating turnaround story’ makes it a buy as Avalon miner orders surge: Benchmark

Canaan (ticker CAN) is ramping up momentum, according to a new note from Benchmark analyst Mark Palmer, who reiterated a "buy" rating and lifted his price target to $4 — more than double the stock’s current level, just under $1.80 according to The Block's price data .

Earlier this month, the company regained compliance with Nasdaq’s $1 minimum bid requirement, removing a potential delisting overhang that had weighed on liquidity and limited institutional participation.

The firm said Canaan’s “accelerating turnaround story” is being fueled by surging demand for its Avalon A15-series rigs, including a 50,000-unit U.S. order earlier this month that marked the company’s biggest sale since 2022.

Benchmark said Canaan’s progress on the operational front — including its return to Nasdaq compliance, an expanding bitcoin self-mining base, and a record high treasury of 1,582 BTC and 2,830 ETH, worth approximately $184 million at current prices, provides a strong foundation for renewed investor confidence.

The firm also highlighted Canaan’s new gas-to-compute pilot in Alberta, Canada, where it is partnering with Aurora AZ Energy to repurpose stranded natural gas into electricity for bitcoin mining and AI workloads.

“With the Nasdaq overhang resolved and Avalon shipments ramping, Canaan is well positioned to deliver further share-price appreciation,” Palmer wrote.

Canaan's CAN stock is up nearly 5% on the day, trading at $1.79, according to The Block's price page .