Canaan initiated with a Buy at B. Riley

B. Riley initiated coverage of Canaan with a Buy rating and $2 price target. The analyst believes the company’s first-mover advantage as a digital mining hardware manufacturer has not waned and it is “poised to reverse course in an otherwise challenging mining hardware market backdrop.” Canaan’s research and development platform underpins its ability to keep pace with its larger competitors and opens the door for economies of scope over the long term, the analyst tells investors in a research note.