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Investing.com - H.C. Wainwright raised its price target on IREN Ltd. (NASDAQ:IREN) to $36.00 from $21.00 on Friday, while maintaining a Buy rating on the stock. The company, now valued at $4.76 billion, has demonstrated remarkable momentum with a 134.62% return year-to-date.
The significant price target increase reflects an adjusted EV/revenue multiple of 8x, up from the previous 5.5x, applied to H.C. Wainwright’s revised fiscal 2026 revenue estimate of $1.27 billion for the company.
H.C. Wainwright cited the rapid growth of IREN’s artificial intelligence business as justification for the premium valuation relative to peers, noting that AI-related revenues command higher multiples compared to bitcoin mining operations.
The firm identified several risk factors that could impact its rating and price target, including volatility in bitcoin prices, potential construction delays at the company’s Childress facility, and faster than expected increases in network hash rate.
Additional concerns highlighted by H.C. Wainwright include the possibility of shareholder dilution resulting from equity sales by the company.
In other recent news, IREN Ltd. reported its fourth-quarter earnings for fiscal year 2025, showcasing record annual revenue. The company achieved Bitcoin mining revenue of $180.3 million and an adjusted EBITDA of $121.9 million, meeting the estimates set by B.Riley. Additionally, IREN’s AI Cloud revenue doubled to $7.0 million from the previous quarter, surpassing B.Riley’s forecast of $5.6 million. Following these results, B.Riley raised its price target for IREN to $29, maintaining a Buy rating. Cantor Fitzgerald also increased its price target for IREN to $41, citing the company’s expanding role in the AI data center market and robust demand for GPU compute services. The firm’s analyst, Brett Knoblauch, highlighted IREN’s growing position in this sector. These developments reflect IREN’s impressive growth in operational capacities and financial performance.
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