IREN price target raised to $29 from $22 at B. Riley

B. Riley raised the firm’s price target on IREN (IREN) to $29 from $22 and keeps a Buy rating on the shares following the fiscal Q4 report. The company is increasingly focused on scaling its artificial intelligence cloud business and growing GPU capacity to 10,000 units by year-end, the analyst tells investors in a research note. The firm views IREN’s dual strategy as “prudent positioning” that establishes the company as a flexible infrastructure platform across the AI compute spectrum.