Analyst Gregory Lewis of BTIG maintained a Buy rating on IREN, retaining the price target of $75.00.
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Gregory Lewis has given his Buy rating due to a combination of factors, including the updated revenue and EBITDA estimates for IREN following the company’s recent earnings release. The adjustments in revenue estimates for FY2026 and FY2027 reflect changes in assumptions around Bitcoin prices, global hash rates, and the growth of IREN’s GPU fleet, particularly after a new contract with Microsoft. These assumptions suggest a significant increase in revenue and EBITDA by FY2027, indicating strong future growth potential.
Additionally, the valuation of IREN appears attractive, with the company trading at a multiple of its projected FY2027 EBITDA. The price target set at $75 is based on a multiple of the estimated FY2028 EBITDA, which considers favorable electricity prices for their facilities and anticipated Bitcoin price trends. These factors collectively support the Buy rating, highlighting the company’s promising outlook and potential for value appreciation.
In another report released on November 7, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $136.00 price target.
Based on the recent corporate insider activity of 9 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of IREN in relation to earlier this year.