Iris Energy price target raised to $16 from $13 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Iris Energy (IREN) to $16 from $13 and keeps a Buy rating on the shares. The company is poised to become one of the first public miners to reach 50 EH/s, the analyst tells investors in a research note. The firm says Iris reported solid fiscal Q1 results, reiterated its 2024 hash rate guidance of 31 EH/s, and announced that it now expects to achieve 50 EH/s in the first half of 2025 from the second half of next year previously. It expects the shares to “surge higher on a more bullish outlook for 2025.”