JPMorgan analyst Reginald Smith downgraded IREN (IREN) to Underweight from Neutral with a price target of $24, up from $16. The firm updated bitcoin miner ratings and price targets to reflect changes in bitcoin mining profitability, and upside from high performance compute colocation and cloud services. IREN shares are pricing in over a 1 GW colocation agreement at Sweetwater, which would be a deal of record scale and capex, the analyst tells investors in a research note. JPMorgan believes this could be possible over time, but thinks it creates more downside risk than upside potential at current share levels.
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