- JPMorgan double upgraded IREN to Overweight from Underweight and raised its price target to $65 from $46, implying 48% upside from the prior close.
- JPMorgan analyst Richard Choe cited IREN's strategic partnership with Nvidia and its shift into a top-tier neocloud provider as the basis for the upgrade.
- IREN struck a five-year AI cloud deal with Nvidia valued at more than $3 billion in May, and its neocloud contracts now price at $15 to $20 per watt versus $10 to $15 previously.
- ERCOT conditionally included IREN's 2-GW Sweetwater Hub in Texas as Base Load in its Batch Zero process, part of IREN's more than 5-GW global data center development portfolio.
- IREN shares rose about 4% on Wednesday, with sector peers Cipher Mining and Core Scientific also trading higher on the ERCOT power disclosures.
Quotes
“We see IREN establishing itself as a top tier neocloud provider, backed by its strategic partnership with NVIDIA”
“The company has gained momentum in signing customers and industry pricing has moved up substantially.”