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Iris Energy downgraded to Neutral from Overweight at Cantor Fitzgerald
The Fly

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.

Published first on TheFly

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