Cantor Fitzgerald lowered the firm’s price target on Iren (IREN) to $82 from $136 and keeps an Overweight rating on the shares. Revenue and adjusted EBITDA were both down quarter over quarter due to a decline in Bitcoin prices and a decline in operating hash rate, which was not unexpected given the company’s transition of capacity away from Bitcoin mining and towards AI compute, the analyst tells investors in a research note. The firm believes the after-hours move lower is a buying opportunity.
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