TLDR
- IREN stock closed Friday at $24.90, down 2% on the day and down 21% over five days.
- The stock hit a new 52-week low earlier this week and is down 46% over the past year.
- High borrowing cost worries in the neocloud and tech sector drove the selloff.
- JPMorgan raised its target to $65 and BTIG kept an $80 target, while Jones Trading and Rothschild Redburn are more cautious.
- Wall Street rates IREN a Strong Buy, with an average target of $82.56 implying about 228% upside.
IREN stock closed Friday at $24.90, down 2% on the day. That leaves it down more than 21% over the past five days.
The stock hit a new 52-week low earlier in the week, trading around $25.58. It is down 46% over the past year.
Concerns about high borrowing costs in the neocloud and wider tech sector drove the selling. Even so, Wall Street is still leaning bullish.
InvestingPro data shows a beta of 4.27, more than four times the market average. Its RSI reading points to oversold territory.
What the Bulls Are Saying
JPMorgan analyst Richard Choe upgraded the stock and raised his price target from $46 to $65. That implies about 155% upside.
Choe called IREN “a formidable neocloud” company. He said it now gets “substantially” better deals for its GPU and power capacity.
He noted that AI cloud contract pricing has moved from $10 to $15 per watt to $15 to $20 per watt or higher. IREN also signed a multiyear cloud services deal with Anthropic.
BTIG analyst Gregory Lewis reiterated his Buy rating with an $80 price target. He pointed to IREN’s 5 gigawatts of potential power capacity.
Lewis said IREN’s control of its supply chain sets it apart from peers. The company secures land, builds data centers, locks in power and buys GPU capacity and hardware.
Why Some Analysts Are Cautious
Jones Trading analyst Kevin Dede rates the stock a Hold. He called a few factors “polarizing,” noting a broad customer base but lower-quality customers.
Rothschild Redburn analyst Alexander Haissl is also on the sidelines, with a Neutral rating and a $40 price target. He believes investors have already priced in IREN’s risk and likely returns.
Overall, Wall Street rates IREN a Strong Buy. That reflects eight Buys and two Holds over the past three months.
The average price target is $82.56, which implies about 228% upside. That is a wide gap from where the stock trades today.
InvestingPro’s Fair Value analysis lists the stock as undervalued. Analysts expect a profit this year, with an EPS forecast of $0.40 for fiscal 2027.
IREN closed at $24.90 on October 23, down $0.61 on the day. In after-hours trading it was little changed at $24.90.
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