Canaan price target raised to $3 from $2 at B. Riley

B. Riley raised the firm’s price target on Canaan (CAN) to $3 from $2 and keeps a Buy rating on the shares. Estimates and valuations for high performance computing-focused companies have been updated, lifting price targets by an average of 78% and 2026 forecasts by 5%, the analyst tells investors in a research note. Despite recent pullbacks, shares remain up sharply since midyear, supported by strong AI-related power and data center demand, with new deals, such as Google and Anthropic’s reported cloud partnership, potentially adding further upside, the firm says.