JPMorgan upgrades Iris Energy to Overweight, sees nearly 100% upside

JPMorgan upgraded Iris Energy to Overweight from Neutral with a price target of $6.50, up from $6, implying nearly 100% potential upside from current levels. The upgrade reflects the company’s expansion progress at Childress and improving fleet efficiency, the analyst tells investors in a research note. The firm continues to view Iris as one of the most efficient U.S.-listed operators and sees room for further hash rate growth at attractive power and rig prices at the new Childress location. JPMorgan updated estimates to reflect slightly higher out-year bitcoin prices and more resilient network hash rate growth following the halving.