Bitcoin miner-turned-AI infrastructure expert IREN (IREN) continues to have big upside, according to Wall Street brokerage Cantor Fitzgerald.
“In recent months, IREN has leaned heavily into its AI cloud services segment,” wrote analyst Brett Knoblauch. “This is a business that we believe will ultimately look a lot like CoreWeave (CRWV).”
“While the stock has performed well above expectations that IREN will focus entirely on its GPU cloud,” Knoblauch continued, “we continue to believe there is more room to run.”
Knoblauch further noted that on a contracted megawatts basis, IREN is trading at a discount of approximately 75% to its neocloud peer group. A discount is surely warranted given the disparity in back earnings, he said, but the gap should close over time, “resulting in a material rerating of IREN stock.”
Knoblauch more than doubled his price target to $100 from $49, suggesting a 56% upside from last night’s close of $64.14. The stock is up 513% since starting the year just above $10.
IREN is marginally up in pre-market action to $64.50.
