Iren price target raised to $100 from $49 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Iren (IREN) to $100 from $49 and keeps an Overweight rating on the shares. The company has “heavily leaned into” its arterial intelligence cloud services segment over the past several months, the analyst tells investors in a research note. The firm believes the business for Iren will ultimately closely resemble that of CoreWeave (CRWV). Cantor expects Iren will entirely focus on its graphics processing unit cloud, creating “more room to run” for the shares. On a contracted megawatt basis, Iren still trades at a 75% discount to its neocloud peer group, contends the firm. It sees this gap closing over time. All the hyperscalers are materially short compute, which puts Iren in a unique position given it has the land, the power, access to capital, and data center expertise, according to Cantor.