IREN Stock On Track To Break 9-Day Losing Streak – This Analyst Says The IREN Story Is ‘All About Adding Supply On Schedule’

• The firm highlighted the importance of having adequate compute supply in the near future as AI demand continues to rise.
• It forecasts Iren's revenue to come in at $717 million this year, $3.1 billion in 2027, and $8.5 billion in 2028.
• The street upgrade on IREN comes as an additional catalyst for the stock, which was already rallying on a media report about a possible Anthropic deal.

Shares of IREN (IREN) received an upgrade on Monday as it extended its overnight rally, following a media report that suggested the company is poised to land a significant data center contract in Australia.

At the time of writing, IREN stock was up more than 13%, on track to snap a nine-day losing streak, and among the top ten trending tickers on Stocktwits.

Freedom Capital Upgrades IREN

The firm upgraded the renewable energy-focused data center operator to ‘Buy’ from ‘Hold’ after noting that the company's shares have fallen alongside its peers, and adding that "there's enough upside" to warrant a higher rating, according to TheFly.

The firm highlighted that the company’s growth story is "all about adding supply on schedule over the next two years," and that the same applies to neocloud rivals CoreWeave (CRWV) and Nebius (NBIS) amid rising AI demand.

Freedom Capital forecasts IREN's revenue to "explode" in the coming years, estimating it at $717 million this year, $3.1 billion in 2027, and $8.5 billion in 2028. The firm has an unchanged price target of $58, implying an upside potential of nearly 50% from the stock’s closing price on Thursday.

Possible Anthropic Deal Incoming For IREN

The street upgrade on IREN is another catalyst for the stock, which was already rallying on a media report about a possible Anthropic deal.

According to a report from The Australian Financial Review over the weekend, Anthropic is looking to secure at least 1.4 gigawatts of cloud capacity from Australian data centers and wants a local company to oversee the construction and operation of the campus.

The company announced its first Australian project just a month ago: an 800-megawatt data center campus in Bundey, South Australia, which boasts a submarine fiber connectivity into key Asia-Pacific markets.

What Retail Traders Think About IREN

On Stocktwits, retail sentiment toward the stock remained in ‘bullish’ territory over the last 24 hours.

One user on the platform said the company is continuing to ride the strength of the neocloud/AI infra group.

IREN shares have gained more than 16% so far this year and have nearly tripled in value over the last 12 months.

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