It’s been about two weeks since the start of 2026, and shares in Bitcoin miner and data center operator Iren Limited (IREN) are already up 40.32%. H.C. Wainwright analyst Mike Colonnese believes that “the stage is set for a transformative year” for Iren.
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According to the five‑star analyst—who issued a double upgrade on IREN, lifting his rating directly from Sell to Buy—hyperscalers are set to maintain heavy AI‑infrastructure spending this year. Colonnese also raised his price target by 43%, from $56 to $80, implying roughly 52% upside.
Analyst Backs Double Upgrade for Iren Stock
Defending his upbeat rating, the analyst noted that Iren’s $9.7 billion five-year deal with Microsoft (MSFT) has not been factored into its share price.
Colonnese expects the deal to become fully monetized this year, bringing in $1.94 billion in annual recurring revenue for Iren once all capacity is deployed. He called the deal “one of the largest AI contracts to date” between a BTC miner and a blue-chip company.
The analyst also pointed to Iren’s more than two gigawatts of power capacity, which is the “largest near-term development pipeline” among similar firms studied by H.C. Wainwright.
“We would not be surprised to see the company announce new AI contracts in 2026 on a portion of this secured capacity,” Colonnese noted, adding that the stock’s 35% plunge from its early November high presents “an attractive point for investors.”
Despite various volatile periods last year, Iren shares ended the year over 300% stronger.
Is IREN Stock a Good Buy?
On Wall Street, Iren Limited’s shares continue to hold a Moderate Buy consensus rating. This is based on nine Buys, two Holds, and one Sell issued by 12 analysts over the past three months.
However, the average IREN price target of $82.80 suggests about 57% growth potential.
