Canaan price target lowered to $2.50 from $5.50 at Benchmark

Benchmark analyst Michael Legg lowered the firm’s price target on Canaan to $2.50 from $5.50 and keeps a Buy rating on the shares. Q4 results reflect continued pricing pressures and significant dilution from the need to secure cash in an uncertain operating environment, says the firm, which has lowered its target to reflect the dilution and continued pricing pressures.