Bernstein analyst Gautam Chhugani has maintained their bullish stance on IREN stock, giving a Buy rating on September 23.
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Gautam Chhugani has given his Buy rating due to a combination of factors that highlight IREN’s strategic advancements and potential for growth. IREN is distinguishing itself among Bitcoin miners by developing its own AI cloud vertical, investing heavily in capital expenditures. This move sets it apart from competitors who rely on co-location deals with AI Cloud partners. Despite initial skepticism about IREN’s ability to execute this strategy due to high capital requirements and competition with established players, Chhugani acknowledges the significant progress IREN has made.
IREN’s guidance for exponential growth in its AI cloud business, aiming for a $500 million annual recurring revenue by Q1 2026, supports the investment case. Additionally, IREN’s flexibility in scaling its Bitcoin mining operations and shifting strategies to maximize returns from its power portfolio further strengthens its position. The revised valuation methodology, which emphasizes the AI cloud and co-location potential, leads to a price target of $75, reflecting an optimistic outlook on IREN’s future performance.
Chhugani covers the Financial sector, focusing on stocks such as Coinbase Global, Robinhood, and IREN. According to TipRanks, Chhugani has an average return of 73.3% and a 77.46% success rate on recommended stocks.
In another report released on September 23, Roth MKM also maintained a Buy rating on the stock with a $82.00 price target.