Iren double upgraded to Buy at H.C. Wainwright ahead of ‘transformative year’

As previously reported, H.C. Wainwright double upgraded Iren (IREN) to Buy from Sell with a price target of $80, up from $56, as the firm says “the stage is set for a transformative year.” The firm expects the AI infrastructure trade will continue to be a major investment theme in 2026 and believes that Iren provides “the most levered exposure across our coverage universe to this theme,” the analyst tells investors. The company has already secured one of the largest AI contracts to date among the BTC miners with “a blue-chip counterparty” in Microsoft (MSFT) and Iren has the largest near-term development pipeline across the analyst’s coverage with over 2 GW of incremental capacity expected to fully energize by 2027, the firm added.