JPMorgan downgraded IREN (IREN) to Neutral from Overweight with a price target of $16, up from $12. The firm cites valuation for the downgrade, saying the shares have outperformed bitcoin after rallying 80% year-to-date. IREN’s valuation seems “a little stretched” and likely needs a high performance computing or further bitcoin rally for additional upside, the analyst tells investors in a research note.
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