B. Riley Keeps a Buy Rating on IREN Limited (IREN)
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ThePostMaster- 0
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IREN Limited (NASDAQ:IREN) is among the 11 Best Bitcoin and Blockchain Stocks to Invest in.
IREN Limited (NASDAQ:IREN) is among the Best Bitcoin Stocks.
On February 6, B. Riley boosted its price objective for IREN Limited (NASDAQ:IREN) from $74 to $83 while keeping a Buy rating. The firm reported adjusted EBITDA of $75.3 million for the second quarter, which was lower than internal and average projections. It expanded Sweetwater 1 and 2 in Texas, adding 1.6 gigawatts of capacity to a new Oklahoma campus, and received $3.6 billion in GPU financing. Management anticipates generating $3.4 billion in annualized run-rate revenue by the end of 2026, backed by expansion at Horizon 1-4 and B.C. locations.
Macquarie analyst Paul Golding reduced his price objective on the stock from $95 to $70 and maintained his Outperform rating on the same day.
Cantor Fitzgerald retained its Overweight rating on IREN Limited (NASDAQ:IREN) while trimming its price objective from $136 to $82 on the same day. The analyst stated that the company’s change from Bitcoin mining capacity to AI computation coincided with falling hash rates and Bitcoin prices, leading to lower revenue and adjusted EBITDA quarter after quarter. The firm sees the after-hours fall as a purchasing opportunity.
IREN Limited (NASDAQ:IREN) is a vertically integrated data center company that uses renewable energy to fuel the future of Bitcoin, AI, and other applications. It is strategically located in renewable-rich, fiber-connected areas throughout the United States and Canada.
While we acknowledge the potential of IREN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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Disclosure: None.
