Citizens reiterated its Market Outperform rating and $80.00 price target for IREN Ltd. The firm’s outlook hinges on the company’s strategic transition from bitcoin mining to AI infrastructure.
Analysts updated their model following IREN’s fourth-quarter fiscal 2026 results. AI Cloud services provided increasing revenue contributions despite the company missing overall revenue estimates.
Citizens expects IREN to wind down bitcoin mining by the end of calendar year 2026. The company will repurpose that capacity for contracted AI workloads to scale its platform.