B. Riley raised the firm’s price target on Iren (IREN) to $83 from $74 and keeps a Buy rating on the shares. Iren reported Q2 adjusted EBITDA of $75.3M, below both internal and consensus estimates, while highlighting key milestones including securing $3.6B in GPU financing, adding 1.6 GW of power capacity at a new Oklahoma campus, and progressing Sweetwater 1 & 2 in Texas, the analyst tells investors in a research note. Despite the shortfall, the company targets $3.4B in annualized run-rate revenue by end of CY26, with expansion across Horizon 1-4 and B.C. sites positioning Iren as a de-risked, compelling long-term growth story, the firm says.
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