JPMorgan analyst Reginald Smith upgraded IREN (IREN) to Overweight from Neutral with a price target of $12, down from $15. The firm updated bitcoin miner price targets and models to reflect the Q4 results and changes in bitcoin price and the network hash rate. JPMorgan names IREN its top pick citing the company’s “strong” mining operations and high performance computing “optionality.” The shares have “been overly punished” year-to-date, and offers 70% upside at current levels, which could prove conservative if IREN announces an HPC deal with a name-brand tenant, the analyst tells investors in a research note.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on IREN:
- IREN (IREN) Shows Strong Signs of Growth Despite Sliding Share Price
- Crypto Currents: Trump signs executive order for strategic bitcoin reserve
- IREN price target lowered to $20 from $23 at Cantor Fitzgerald
- Iris Energy call volume above normal and directionally bullish
- H.C. Wainwright sees attractive opportunity in bitcoin miner selloff