IREN price target raised to $33 from $20 at Macquarie

Macquarie raised the firm’s price target on IREN (IREN) to $33 from $20 and keeps an Outperform rating on the shares. The firm notes the company reported a Q4 beat with Bitcoin price and AI ramping up. Site development continues to drive scope to meaningfully expand into HPC/AI, Macquarie points out, adding that meaningful GPU procurement/financing strides are being made. Additionally, the firm highlights incorporating HPC/AI more fully on Nvidia (NVDA) Preferred Partner status. Macquarie notes the major deal and says it still sees opportunity for big upside.