IREN Ltd. (IREN) Soars to Fresh High as Analyst Raises Price Target by 275%

We recently published 10 Stocks Crushing Wall Street, AI Stocks Dominate. IREN Ltd. (NASDAQ:IREN) is one of the top performers on Tuesday.

Shares of IREN Ltd. rallied to a new all-time high on Wednesday, as sentiment was bolstered by an investment firm’s bullish price coverage and rating for its stock.

During the session, the stock climbed to its highest price of $49.30 before trimming gains to end the day just up by 12.86 percent at $47.14 apiece.

On Wednesday, investment firm Bernstein raised its price target for the company to $75, marking a 275 percent jump from its previous target of $20, while giving an “outperform” rating.

The revision was based on IREN Ltd.’s (NASDAQ:IREN) differentiated approach among Bitcoin miners, underscoring the development of its own AI infrastructure, while competitors pursue capital-light co-location deals with AI cloud companies.

Last week, IREN Ltd. (NASDAQ:IREN) also received bullish coverage from Compass Point, having earned a “buy” recommendation for its stock.

IREN Ltd. (NASDAQ:IREN) is riding the growing artificial intelligence wave, slowly transitioning to AI servicing by expanding its cloud business to support demand growth in high-performance computing (HPC) services.

While we acknowledge the potential of IREN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.