H.C. Wainwright double downgraded Iren (IREN) to Sell from Buy with a price target of $45, up from $36. Investors should be taking profits at current share levels, the analyst tells investors in a research note. The firm believes investor optimism around Iren’s artificial intelligence cloud business “has reached a point of irrational exuberance.” H.C. Wainwright views the shares as significantly overvalued following the 920% rally in the past six months.
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