Iris Energy price target raised by 50c at JPMorgan, here’s why

JPMorgan raised the firm’s price target on Iris Energy to $9.50 from $9 and keeps an Overweight rating on the shares. The analyst updated price targets for the firm’s bitcoin mining coverage universe to reflect changes in the price of bitcoin, the network hash-rate and other company specific variables. Bitcoin and the network hash-rate have increased 13% and 2%, respectively, since JPMorgan last updated price targets on December 1, resulting in slightly higher profit projections per EH/s and price targets, the analyst tells investors in a research note.