IREN News: Bulls Lift Targets After MSFT Deal

IREN, the bitcoin miner turned AI infrastructure provider, saw substantial increases in price targets from several Wall Street firms following its $9.7 billion agreement with Microsoft to supply AI data center capacity. Cantor Fitzgerald's Brett Knoblauch raised his price target for IREN to $142 from $100, suggesting over 100% upside from its recent close of $67.75. Bernstein analyst Gautam Chhugani also increased his target, bringing it from $75 to $125, citing IREN’s unique positioning with its own power assets. He projects that the Microsoft deal could result in $2 billion in annual recurring AI cloud revenue by 2027, significantly boosting the company’s profitability. Roth Capital similarly raised its target to $94 from $82. Despite an impressive year-to-date rise of 547%, IREN shares faced a nearly 5% decline shortly after due to broader market downturns. The company’s ability to scale its power capacity offers promising prospects in the burgeoning AI market, surpassing competitors who rely on co-location.

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