From Nasdaq:

Bitcoin surged above $62,000 last week, hitting its highest price since late 2021 fueled by ETF launches and anticipation for the upcoming “halving” event. Blockchain and crypto stocks are rising, with top names like Marathon Digital and Microstrategy trading at or above Wall Street’s targets. Canaan Inc. may offer significant upside potential despite lagging performance.

Canaan Inc., valued at $275 million, manufactures Bitcoin mining equipment. Despite lagging shares, Canaan secured major orders from mining partners and reported follow-on agreements with Cipher Mining and Stronghold Digital for over 17,000 mining rig models. Q4 earnings saw a loss of $139 million, but revenue slightly surpassed estimates.

Analysts project 4.57% revenue growth for Canaan in 2024, valuing the company at 1.66x forward sales, a discount compared to industry peers. Wall Street analysts are optimistic about Canaan’s future, with a “Strong Buy” rating, though Benchmark lowered the price target to $2.50. With Bitcoin gaining momentum and crypto adoption increasing, Canaan shows potential for upside growth.



Read more at Nasdaq: Wall Street Predicts This Crypto Stock Will Rally More Than 100%