Key Takeaways
- Shares of IREN climbed 2.6% to close at $39.75 on Tuesday, while Bernstein’s $100 price target suggests potential gains of 146% from current trading levels.
- Wall Street analysts maintain a “Moderate Buy” consensus with an average price target of $82.71, though JPMorgan remains bearish with an “underweight” stance and $46 objective.
- The company announced $2.8 billion worth of new multi-year AI Cloud agreements in July and increased its 2026 annualized AI Cloud revenue projection to exceed $4 billion.
- IREN finalized a major $3.4 billion five-year cloud partnership with NVIDIA in May 2026 and closed a $625 million purchase of cloud infrastructure provider Mirantis on August 4.
- Television personality Jim Cramer suggested investors consider CoreWeave as an alternative to IREN, highlighting its larger scale and more attractive valuation.
Shares of IREN closed Tuesday’s session at $39.75, marking a 2.6% advance from the previous day’s closing price of $38.74. The stock reached an intraday peak of $40.96 during the trading day before pulling back. Trading volume registered approximately 9% below typical session averages.
The shares currently trade beneath both the 50-day moving average of $46.06 and the 200-day moving average of $46.56. With a beta coefficient of 4.29, the stock demonstrates significant volatility and amplified price movements relative to the broader market.
Bernstein’s Gautam Chhugani maintains the Street’s most optimistic price objective at $100 per share. This target was initially established in May 2026 after IREN announced its cloud partnership with NVIDIA and has been reaffirmed several times, including most recently on July 30. Reaching the $100 level would represent approximately 146% upside from current prices.
In his July 30 research note titled in part “The semis guys have your back,” Chhugani referenced contracts between AMD and Core Scientific, along with a rumored deal between Hut 8 and NVIDIA, as evidence supporting the broader AI infrastructure investment thesis.
Bernstein’s $100 projection also stands roughly 30% higher than IREN’s 52-week peak of $76.87.
Wall Street’s Divided Opinion
According to data compiled by Google Finance, the mean price target among 10 analysts covering the stock stands at $77.89. Goldman Sachs analyst Michael Ng maintains the most conservative active target at $50 with a Hold recommendation, last updated on July 20.
Additional price objectives include $90 from H.C. Wainwright, $79 from both Canaccord Genuity and Jefferies, and $58 from Freedom Capital Markets. JPMorgan represents the sole firm with a Sell-equivalent recommendation, establishing a $46 target in May 2026.
Consensus forecasts differ across various tracking platforms: TipRanks reports an average of $75.18 based on 12 analysts, MarketBeat shows $82.71, while Public.com indicates $76.62 across 13 analyst estimates.
The overall ratings distribution over the past three months consists of seven Buy recommendations, three Hold ratings, and two Sell ratings according to Google Finance data.
Business Developments and Revenue Projections
IREN secured $2.8 billion in fresh multi-year AI Cloud agreements during July and raised its annualized AI Cloud revenue target for year-end 2026 to over $4 billion, an increase from the previous $3.7 billion forecast. Approximately 85% of this projected revenue figure is supported by executed contracts.
The company’s landmark $3.4 billion five-year cloud partnership with NVIDIA, formalized in May 2026, served as the foundation for much of the optimistic analyst commentary earlier in the year.
IREN finalized its $625 million acquisition of Mirantis, a cloud infrastructure software company, on August 4.
During the March quarter reporting period, IREN posted revenue of $144.8 million, falling short of the $219.87 million consensus estimate, while delivering EPS of -$0.30 compared to analyst expectations of -$0.22. Analyst Paul Meeks forecasts revenue growth from $717 million in the current fiscal year to $3.1 billion in FY27 and $8.5 billion in FY28.
Financial results for the June quarter had not yet been released at the time of publication.
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