Bitcoin Miner IREN Raises Stock Target by 65% After Microsoft Deal

IREN Limited, a Bitcoin mining and AI cloud company, signed a $9.7 billion GPU cloud services contract with Microsoft, boosting its stock by 5% and prompting analysts to raise their price targets. Cantor Fitzgerald's Brett Knoblauch raised the price target from $100 to $142, a 42% hike, while Bernstein's Gautam Chhugani increased it from $75 to $125, a 65% hike. The company is expected to release its Q3 2025 earnings report on Nov. 6.