BTIG raised the firm’s price target on Iren (IREN) to $80 from $75 and keeps a Buy rating on the shares. The firm is positive on the company announcing a five-year AI cloud contract with Nvidia (NVDA) that will be deployed in its Texas site that should allow IREN to remain at the leading edge of deployments of NVDA’s newest generation GPUs and give the company a competitive advantage as it looks to secure HPC contracts across its power portfolio, the analyst tells investors in a research note.
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