IREN price target raised to $32 from $22 at BTIG

BTIG raised the firm’s price target on IREN (IREN) to $32 from $22 and keeps a Buy rating on the shares as part of a broader research note on crypto mining names. The firm cites the company having recently announced beginning in July that it was growing its GPU portfolio with the purchase of ~9k GPUs from Nvidia (NVDA), which increases their owned GPU fleet to ~10.9k, which is a 5-fold increase from the ~2k GPUs plugged in early 2024, the analyst tells investors in a research note.