Iris Energy upgraded to Buy from Neutral at H.C. Wainwright

H.C. Wainwright analyst Mike Colonnese upgraded Iris Energy to Buy from Neutral with a price target of $8, up from $3. The company "unexpectedly" announced that it successfully engaged in a transaction in which it was able to utilize all $67M of remaining mining equipment deposits with Bitmain as part of an existing equipment contract, the analyst tells investors in a research note. The firm views this as a "significant achievement" that fully resolves Iris Energy’s contract with no remaining commitments to Bitmain and gives the company a "clear path" to 5.5 EH/s of total self-mining operating capacity by Q2.