B. Riley Securities analyst Lucas Pipes raised IREN Ltd.'s price target to $96 from $88. The firm maintained a "Buy" rating on the shares. This adjustment follows IREN's announcement of a transmission connection agreement for a new 800-megawatt data center campus in Bundey, South Australia.
The Bundey project activates IREN's Australian pipeline, first mentioned with its Nvidia partnership. B. Riley noted IREN's local expertise provides an advantage in a region where AI computing demand rapidly outpaces available infrastructure. This expansion into Australia adds a third continent to IREN's 5 GW development pipeline.
B. Riley adjusted its financial estimates for IREN. The firm factored in a more conservative GPU revenue ramp and a quicker wind-down of its Bitcoin mining operations. Separately, Canaccord and Macquarie recently reiterated positive ratings for IREN, citing the company's growth initiatives.