Jefferies Starts Iren at Buy With $79 Target as AI Deals Drive 36% Upside
Updated
Updated · CNBC · Jun 18
Jefferies Starts Iren at Buy With $79 Target as AI Deals Drive 36% Upside
3 articles · Updated · CNBC · Jun 18
Summary
$79 is Jefferies' new price target for Iren, with the bank initiating coverage at buy and implying 36% upside from Wednesday's close.
Jefferies tied that call to Iren's roughly 6 GW powered land bank and vertically integrated GPU cloud model, which it says gives the company flexibility to offer everything from powered shells to full AI cloud builds.
Microsoft and Nvidia contracts underpin the thesis, with Jefferies saying hyperscaler deals have already secured about $3.1 billion in annual recurring revenue.
Shares have already surged 493% over the past 12 months as Iren pivoted from bitcoin mining to AI infrastructure, a shift Jefferies says still leaves room for further gains.
15 analysts currently cover Iren, and 10 rate it buy or strong buy, showing Jefferies' bullish initiation broadly aligns with Wall Street sentiment.