Canaccord Genuity upgraded IREN (IREN), raising its price target to $37 from $24 while reaffirming a buy rating. The move comes after Q4 results showed bitcoin mining revenue of $187.3M and adjusted EBITDA of $121.9M, supported by 50 EH/s and low-cost operations.
IREN is also accelerating its AI infrastructure, quadrupling its hashrate, adding 1 MW, and securing NVIDIA preferred partner status alongside the purchase of 2,400 GPUs. With 2,910 MW of secured power and some of the lowest all-in costs in the industry, analysts see IREN as poised to become one of the largest and most efficient public miners, with upside potential in high-performance computing.
