B. Riley and Cantor Fitzgerald Lift Price Targets on IREN

IREN Limited (NASDAQ:IREN) is one of the 12 Best Performing Stocks in the Last 3 Months. On October 22, B. Riley increased its price target on IREN Limited (NASDAQ:IREN) from $29 to $74 and reiterated a Buy rating as the research firm updated its estimates for high-performance computing companies.

Previously, on October 14, Cantor Fitzgerald also raised its price target on IREN Limited (NASDAQ:IREN) from $49 to $100 and kept an Overweight rating. This decision came as the firm revised its revenue estimates for IREN Limited’s (NASDAQ:IREN) AI Cloud Services segment.

Cantor Fitzgerald expects the company’s AI Cloud Services business to grow. Despite the recent gains in the stock price, the research firm believes there is still more potential for IREN Limited (NASDAQ:IREN) to grow.

The firm’s analysis suggests that IREN Limited (NASDAQ:IREN) is still trading at about a 75% discount compared to neocloud companies on a contracted megawatt basis. Cantor Fitzgerald expects this gap to close over time, which could lead to a “material re-rating.”

Cantor Fitzgerald also pointed out IREN Limited’s (NASDAQ:IREN) unique market position, noting its access to land, power, capital, and data center expertise. These advantages could help the company “become one of the biggest providers of compute in the world.”

IREN Limited (NASDAQ:IREN) is a vertically integrated data center company that focuses on Bitcoin mining, high-performance computing solutions, and AI cloud services. It owns and operates data centers and electrical infrastructure in Canada and the US.

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