JPMorgan analyst Richard Choe upgraded IREN Limited from Underweight to Overweight. The new price target for the stock is $65, marking a 41% increase from the previous $46 level.
The upgrade follows a $5.5 billion partnership with Nvidia. IREN is transitioning from Bitcoin mining to AI cloud computing by repurposing its existing electrical and physical infrastructure.
The company has secured additional partnerships with Prometheus, Figure AI, and an unnamed AI lab. AI compute services now generate $15 to $20 per watt, compared to the previous $10 to $15 range.
Customer prepayments account for 25% to 50% of revenue. IREN forecasts annual recurring revenue of $4 billion for 2026 and plans to increase capacity by 0.5 gigawatts by 2027.
Wall Street consensus rates the stock as a Strong Buy, with price targets between $77 and $81. Meanwhile, JPMorgan downgraded MARA Holdings, which continues to focus on Bitcoin mining.
