Bernstein Maintains Bullish Stance on IREN Limited (NASDAQ:IREN) Stock

IREN Limited (NASDAQ:IREN) is one of the Best WallStreetBets Stocks to Invest In. On September 24, Bernstein analyst Gautam Chhugani maintained a bullish stance on the company’s stock, giving a “Buy” rating and increasing the price objective to $75 from the prior target of $20. The analyst’s rating is backed by a combination of factors demonstrating IREN Limited (NASDAQ:IREN)’s strategic advancements and growth potential. As per the analyst, the company is distinguishing itself among Bitcoin miners as it is developing its own AI cloud vertical and has been investing in capital expenditures. This move distinguishes it from peers relying on the co-location deals with AI Cloud partners.

Despite the initial skepticism regarding IREN Limited (NASDAQ:IREN)’s ability to execute its strategy because of the increased capital requirements and competition, the analyst acknowledges the significant progress the company has made. Furthermore, IREN Limited (NASDAQ:IREN)’s flexibility in scaling Bitcoin mining operations and shifting strategies to maximize returns from the power portfolio further cements its position.

While we acknowledge the potential of IREN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 13 Cheap AI Stocks to Buy According to Analysts and 11 Unstoppable Growth Stocks to Invest in Now

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