Iris Energy downgraded to Neutral from Overweight at Cantor Fitzgerald

Cantor Fitzgerald analyst Josh Siegler downgraded Iris Energy to Neutral from Overweight with a price target of $3, down from $7. Based on recent press releases, Siegler believes Iris is unlikely to reach a negotiation with the lenders by end-of-day on Tuesday, and, as a result, Iris may lose access to 3.6 EH/s of collateralized miners, the analyst tells investors in a research note. The possible loss of the collateralized miners and the uncertainty surrounding miners currently in-transit make it unlikely that Iris can achieve its hash rate targets, Siegler says.