Iren price target raised to $46 from $39 at JPMorgan

JPMorgan raised the firm’s price target on Iren (IREN) to $46 from $39 and keeps an Underweight rating on the shares. The firm says the company continues to make progress in transitioning fully to a neocloud provider. While the Nvidia contract and strategic partnership bolster Iren’s “clout as a neocloud provider, the circular nature and the undefined access to GPUs from Nvidia tempers our view of the deal,” the analyst tells investors in a research note.

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