- B. Riley increased its price target to $83 from $74, maintaining a ‘Buy’ rating on the shares.
- Cantor Fitzgerald lowered its price target to $82 from $136 while keeping an ‘Overweight’ rating.
- Cantor attributed declines in both revenue and adjusted EBITDA to falling Bitcoin prices and a reduced operating hash rate.
IREN (IREN) is drawing significant investor attention after analysts issued mixed updates on the company’s outlook, reflecting the transition from Bitcoin mining to AI-focused computing.
The company reported that its revenue for the second quarter (Q2) fell to $184.7 million, missing the analysts’ consensus estimate of $226.9 million, according to Fiscal AI data. The firm recorded a net loss of $155.4 million in Q2, compared with a net profit of $18.9 million after taxes in the same quarter last year.
B. Riley’s View
B. Riley increased its price target on the stock to $83 from $74, while maintaining a ‘Buy’ rating. The firm noted that Iren posted Q2 adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) of $75.3 million, slightly below both internal expectations and consensus estimates, while also achieving significant operational milestones.
The firm highlighted the company securing $3.6 billion in GPU financing, adding 1.6 GW of power capacity at a new Oklahoma campus, and advancing the Sweetwater 1 & 2 projects in Texas. B. Riley also mentioned the company’s strategic expansion across Horizon 1-4 and British Columbia sites, describing the firm as a “de-risked, compelling long-term growth story.”
IREN stock traded over 1% lower on Friday morning. However, on Stocktwits, retail sentiment around the stock remained in ‘extremely bullish’ territory amid ‘extremely high’ message volume levels.
Revenue Pressure And Transition
Meanwhile, Cantor Fitzgerald lowered its price target to $82 from $136 while keeping an ‘Overweight’ rating. The firm cited declines in both revenue and adjusted EBITDA from the prior quarter, attributing the drop to falling Bitcoin prices and a lower operating hash rate.
The firm emphasized that this shift is part of Iren’s deliberate move away from Bitcoin mining and toward AI-focused computing capacity. Cantor Fitzgerald also considers the post-earnings share price decline a potential buying opportunity for investors looking at the AI compute transition.
IREN stock has gained over 242% in the last 12 months.
Also See: Global Semiconductor Sales Poised To Hit $1 Trillion In 2026 As AI Fuels Demand
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