The post Benchmark Boosts Bitcoin Miner Maker Canaan’s Stock Target, Praising ‘Turnaround Story’ appeared on BitcoinEthereumNews.com. In brief Investment bank Benchmark on Thursday raised the price target for Nasdaq-listed Bitcoin mining machine manufacturer Canaan. The company’s stock is up this week. Benchmark analyst Mark Palmer says the firm’s stock now is a good buy. Investment bank Benchmark raised Bitcoin mining hardware manufacturer Canaan’s price target to $4, citing the firm’s recent compliance notification from Nasdaq Stock Market and demand for the company’s rigs.  The Nasdaq last week informed Canaan that it had reached the minimum bid price of $1 per share so would not be at risk of being delisted. Since October, the company’s stock has traded above that level. Equity research analyst Mark Palmer also said that Canaan’s Avalon line of Bitcoin mining rigs was gaining popularity.  “The company has steadily gained traction with these machines, appealing to miners seeking improved efficiency, reliability, and cost competitiveness,” he wrote.  He added: “We also believe yesterday’s broad selloff in crypto-related shares represents an attractive opportunity for investors to gain exposure to the company’s accelerating turnaround story through its very inexpensive stock, which trades at just 0.8x FY27E EV/sales.”  Palmer further added that the company’s strong balance sheet of 1,582 Bitcoins and 2,830 Ethereum—a combined total of over $186 million—was a “record,” and another reason for the price target.  Benchmark previously had given the Singapore-based company a price target of $2 per share.  Canaan’s stock traded 5.6% higher on Thursday; reaching $4 per share would mean it would have to jump about 118% from its current price of $1.80. Canaan’s share price has fallen nearly 19% year-to-date.  Miners, who earn Bitcoin for verifying transactions on the blockchain, have had to address rising costs and reduced rewards. Last year’s halving cut the amount of BTC miners could earn from 6.25 to 3.125. In this more challenging landscape, a… The post Benchmark Boosts Bitcoin Miner Maker Canaan’s Stock Target, Praising ‘Turnaround Story’ appeared on BitcoinEthereumNews.com. In brief Investment bank Benchmark on Thursday raised the price target for Nasdaq-listed Bitcoin mining machine manufacturer Canaan. The company’s stock is up this week. Benchmark analyst Mark Palmer says the firm’s stock now is a good buy. Investment bank Benchmark raised Bitcoin mining hardware manufacturer Canaan’s price target to $4, citing the firm’s recent compliance notification from Nasdaq Stock Market and demand for the company’s rigs.  The Nasdaq last week informed Canaan that it had reached the minimum bid price of $1 per share so would not be at risk of being delisted. Since October, the company’s stock has traded above that level. Equity research analyst Mark Palmer also said that Canaan’s Avalon line of Bitcoin mining rigs was gaining popularity.  “The company has steadily gained traction with these machines, appealing to miners seeking improved efficiency, reliability, and cost competitiveness,” he wrote.  He added: “We also believe yesterday’s broad selloff in crypto-related shares represents an attractive opportunity for investors to gain exposure to the company’s accelerating turnaround story through its very inexpensive stock, which trades at just 0.8x FY27E EV/sales.”  Palmer further added that the company’s strong balance sheet of 1,582 Bitcoins and 2,830 Ethereum—a combined total of over $186 million—was a “record,” and another reason for the price target.  Benchmark previously had given the Singapore-based company a price target of $2 per share.  Canaan’s stock traded 5.6% higher on Thursday; reaching $4 per share would mean it would have to jump about 118% from its current price of $1.80. Canaan’s share price has fallen nearly 19% year-to-date.  Miners, who earn Bitcoin for verifying transactions on the blockchain, have had to address rising costs and reduced rewards. Last year’s halving cut the amount of BTC miners could earn from 6.25 to 3.125. In this more challenging landscape, a…

                                                                               Market participants are eagerly anticipating at least a 25 basis point (BPS) interest rate cut from the Federal Reserve on Wednesday.                     The Federal Reserve, the central bank of the United States, is expected to begin slashing interest rates on Wednesday, with analysts expecting a 25 basis point (BPS) cut and a boost to risk asset prices in the long term.Crypto prices are strongly correlated with liquidity cycles, Coin Bureau founder and market analyst Nic Puckrin said. However, while lower interest rates tend to raise asset prices long-term, Puckrin warned of a short-term price correction.  “The main risk is that the move is already priced in, Puckrin said, adding, “hope is high and there’s a big chance of a ‘sell the news’ pullback. When that happens, speculative corners, memecoins in particular, are most vulnerable.”Read more