B.Riley boosts IREN’s price target by 9% citing AI-driven data center expansion and regional compute capacity shortages.
Iren Ltd (NASDAQ:IREN) is shifting capacity from Bitcoin mining to AI data centers, prompting B.Riley to raise its price target to $96 from $88. The new target implies 55% upside from current levels.
In the March quarter, IREN generated $111.2 million from Bitcoin mining, down from prior periods due to lower Bitcoin prices and reduced mining capacity. Total revenue reached $144.8 million, with crypto contributing 77%.
The company’s Australian operations are positioned to meet rising AI compute demand, where supply lags. IREN’s Bundey data center project drove the revised outlook.