Canaan doubled Benchmark's target.

The Rise of Canaan Continues

Benchmark has updated its price target for Canaan to $4 and reiterated its buy recommendation for the stock. The demand for the company's Avalon mining equipment is accelerating, as evidenced by Canaan receiving its largest U.S. order in the last three years.

The report indicates that the expanding in-house mining operations and low energy costs provide a favorable environment for the company's future growth and stock price increase.