Iren’s Price Targets Slashed by Macquarie to $70, Cantor Fitzgerald to $82; B. Riley Lifts to $83
Macquarie cuts Iren’s price target to $70 from $95; B. Riley boosts its target to $83 after Q2 EBITDA missed at $75.3M. Cantor Fitzgerald trims its target to $82 from $136, citing revenue and EBITDA declines from lower Bitcoin prices and reduced hash rates as Iren pivots to AI compute.
1. Macquarie Lowers Price Target
Macquarie’s analyst reduced the price target from $95 to $70 while maintaining an Outperform rating, reflecting concerns after the quarter’s adjusted EBITDA fell short of estimates at $75.3 million.
2. B. Riley Raises Target Despite Earnings Miss
B. Riley raised its price target from $74 to $83 and kept a Buy rating, citing Iren’s $3.6 billion GPU financing, addition of 1.6 gigawatts of power capacity in Oklahoma and progress at its Texas data centers.
3. Cantor Fitzgerald Adjusts Forecasts Lower
Cantor Fitzgerald trimmed its target to $82 from $136 and retained an Overweight rating following sequential revenue and adjusted EBITDA declines, which were linked to lower Bitcoin prices and a reduced operating hash rate.
4. Transition Toward AI Compute
Iren is shifting capacity from Bitcoin mining toward AI compute, a move that has lowered its hash rate but secured significant GPU financing and expanded power capacity to support growth in AI services.