Canaccord raised the firm’s price target on Iren (IREN) to $70 from $42 and keeps a Buy rating on the shares. The firm said its landmark GPU cloud contract with Microsoft (MSFT) has propelled the company forward in the AI ecosystem. Canaccord said feels like the leading edge GPUs being used for this project will have long lives and this may end up being material upside not accounted for in the firm’s IRR or DCF at this point.
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