Canaccord lowered the firm’s price target on Iris Energy to $8 from $14 and keeps a Buy rating on the shares. The analyst said with bitcoin solidly off its recent bottom now, we have started to see deal activity across the bitcoin mining sector pick up. Canaccord said if BTC spot prices can remain near current levels, we believe the company will be nicely profitable over the next twelve months on an operating basis.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on IREN:
- Iris Energy upgraded to Buy from Neutral at H.C. Wainwright
- Iris Energy Reports Second Quarter FY23 Results
- Iris Energy Increases Self-Mining Capacity From 2.0 EH/s to 5.5 EH/s
- Iris Energy increases self-mining capacity from 2.0 EH/s to 5.5 EH/s
- Iris Energy Announces Monthly Investor Update for January 2023