Cantor Fitzgerald raised its IREN price target to $99 from $77. B. Riley Securities increased its target to $88 from $83, with both firms reiterating buy-equivalent ratings. Goldman Sachs lifted its price target to $50 while maintaining a hold rating.
The upgrades follow a 13% stock surge linked to a $1.6 billion agreement to purchase Nvidia Blackwell AI systems from Dell. This hardware supports a previously announced $3.4 billion AI cloud services contract. The contract covers a five-year term.
IREN shares experienced a pullback on May 28th following the recent gains.