Hot-Handed Bitcoin miner turned AI Infrastructure Play Iren (Iren) has continued to have bigger upside, according to Wall Street Brokerage Cantor Fitzgerald.
“Over the past several months, Iren has leaned into his AI Cloud Services segment,” Analyst Brett Knoblauch wrote. “This is a business that we think will ultimately look close to Coreweave (CRWV).”
“While shares have done well over the expectation that Iren will completely focus on its GPU -Sky,” Knoblauch continued, “We continue to believe there is more room to drive.”
Knoblauch also noted that Iren on a contracted megawatt base trades with approx. 75% off on its neocloud -peer group. A discount is definitely entitled to a given horror difference, he said, but the gap had to close over time, “resulting in a significant re-evaluation of Iren-shares.”
Knoblauch doubled more than its price target to $ 100 from $ 49, suggesting 56% upside down from yesterday’s end of $ 64.14. The stock is higher with 513% since the start of the year just over $ 10.
IREN occurs marginally in the Premarket action to $ 64.50.
