What's Going On With Iris Energy Stock?
Portfolio Pulse from Erica Kollmann
Iris Energy Limited (NASDAQ:IREN) shares are trading higher after Cantor Fitzgerald analyst Brett Knoblauch assumed coverage with an Overweight rating and increased the price target from $10 to $23. The analyst cited significant growth potential in hash rate capacity and AI/HPC revenue opportunities. Despite Bitcoin's decline, Iris Energy shares are up 15.8% on above-average trading volume.
June 11, 2024 | 6:18 pm
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Iris Energy shares are up 15.8% after Cantor Fitzgerald upgraded the stock to Overweight with a price target of $23, citing significant growth potential in hash rate capacity and AI/HPC revenue opportunities.
The upgrade from Cantor Fitzgerald and the significant increase in the price target to $23 from $10 are strong positive signals. The analyst's comments on growth potential in hash rate capacity and AI/HPC revenue opportunities further bolster investor confidence, leading to a 15.8% rise in share price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100