The hot-handed Bitcoin miner has become an AI infrastructure play. IREN (IREN) continues to have major upside, according to Wall Street brokerage firm Cantor Fitzgerald.
“Over the past few months, IREN has leaned heavily into its AI Cloud Services segment,” wrote analyst Brett Knoblauch. “We believe this is a business that will ultimately look a lot like CoreWeave (CRWV).”
“While shares performed well against expectations that IREN would focus entirely on its GPU cloud,” Knoblauch continued, “we continue to believe there is more room to operate.”
Knoblauch further noted that on a contracted per megawatt basis, IREN trades at approximately a 75% discount to its Neocloud peer group. A haircut is surely warranted given the disparity in pending earnings, he said, but the gap should narrow over time, “leading to a significant revaluation of IREN shares.”
Knoblauch more than doubled his price target from $49 to $100, suggesting a 56% upside from last night’s close of $64.14. The stock is up 513% year to date, just above $10.
IREN is up slightly pre-market at $64.50.
