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Canaccord Genuity Raises PT for IREN to $37 from $23
ByAinvest
Friday, Aug 29, 2025 9:03 am ET1min read
Canaccord Genuity Raises PT for IREN to $37 from $23
July 02, 2025Canaccord Genuity has raised its price target for IREN Limited (NASDAQ:IREN) from $23 to $37, reflecting the firm's strong performance and strategic shift into AI cloud computing. The upgrade comes on the heels of IREN's record Q4 results and aggressive expansion into the AI sector, which has bolstered investor confidence in the company.
IREN reported record financial results for the fiscal fourth quarter, with quarterly revenue of $187.3 million, net income of $176.9 million, and EBITDA of $241.4 million, surpassing analyst expectations [1]. The company has shifted its focus from traditional Bitcoin mining to a dual-revenue model that includes both mining and AI services. This strategic move has positioned IREN as a leader in the crypto and AI sectors.
The firm's energy efficiency and renewable power usage are also notable. IREN operates at an energy efficiency of 15 J/TH and sources 97% of its energy from renewable sources, such as hydro, wind, and solar, contributing to lower operational costs and higher margins [1]. These factors, combined with a diversified revenue model, position IREN to maintain its strong financial performance.
The market's confidence in IREN's strategic adaptability is evident in its $5.4 billion market cap and sustained stock gains. The company plans to invest an additional $200 million to scale its GPU capacity to 10,900 units by 2025, leveraging renewable energy for 97% of operations [1]. This investment is part of IREN's broader strategy to become a major player in the AI cloud computing sector.
Canaccord Genuity's upgrade reflects its optimism about IREN's ability to capitalize on the growing demand for AI services and maintain its strong financial performance. The firm's strategic shift and robust financial results position it as a compelling investment opportunity in the AI and crypto sectors.
References:
[1] https://www.benzinga.com/analyst-stock-ratings/upgrades
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