Canaccord raised the firm’s price target on IREN (IREN) to $37 from $23 and keeps a Buy rating on the shares. The company’s fiscal Q4 report shows accelerating progress across its artificial intelligence portfolio with continued benefits on the mining side of the business, the analyst tells investors in a research note. The firm sees IREN’s power assets continuing to accelerate, driven by graphics processing unit purchases and becoming an Nvidia preferred partner.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on IREN:
- Cautious Hold Rating on Iris Energy Amid Promising Growth and Rising Costs
- IREN jumps after Q4 report, Nvidia preferred status
- IREN reports Q4 revenue $187.3M, consensus $240.83M
- Iris Energy Ltd. Expands Data Centers and AI Services
- IREN secures Nvidia preferred partner status, procures $168M in GPUs