Roth Capital raised the firm’s price target on Iren (IREN) to $94 from $82 and keeps a Buy rating on the shares. The firm updated its model and analysis to reflect a slightly broader AI cloud business than previously expected. The company’s Microsoft (MSFT) deal at Childress brings a level of credibility the firm believes investors were looking for, and the firm thinks this is an initial first step for Hyperscaler AI Cloud/data center deals that probably has “more legs to it,” the analyst tells investors in a research note.
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