Canaan price target lowered to $3 from $4 at H.C. Wainwright

H.C. Wainwright lowered the firm’s price target on Canaan to $3 from $4 and keeps a Buy rating on the shares post the Q3 report. The analyst cites “depressed market conditions and a push to the right on any sales resurgence” for the target drop. Despite the downturn, Canaan’s self-mining effort remains a strategic focus, ensuring the company “maintains a finger on the operating pulse” of bitcoin mining economics while creating machine demand and supplementing revenue, the analyst tells investors in a research note.