IREN (IREN) Climbs 14.7% on PT Upgrade

We recently published 10 Stocks Stealing Wall Street Spotlight. IREN Ltd. (NASDAQ:IREN) is one of the best-performing stocks on Monday.

IREN Ltd. snapped a three-day losing streak on Monday, jumping 14.74 percent to close at $48.49 apiece, as investors took heart from an investment firm’s higher price target for its stock.

In a market note on the same day, IREN Ltd. (NASDAQ:IREN) earned a new price target of $39 from JPMorgan, or a 39 percent jump from its previous fair value assessment of $28.

The new price, however, was 19 percent lower than its latest closing price.

The revision reflected JPMorgan’s optimism for the overall high-performance computing (HPC) sector, having similarly upgraded IREN Ltd.’s (NASDAQ:IREN) counterparts, namely CleanSpark and Cipher Mining.

In other news, IREN Ltd. (NASDAQ:IREN) earlier this month received a higher price target of $70 from Canaccord Genuity, versus $42 previously.

Canaccord’s price target marked a 44 percent upside potential from IREN Ltd.’s (NASDAQ:IREN) latest closing price.

In other news, IREN Ltd. (NASDAQ:IREN) swung to a net income of $384.6 million in the first quarter of fiscal year 2026 from a $51.7 million net loss in the same period last year.

Revenues jumped by 355 percent to $240.3 million from $52.8 million year-on-year.

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.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

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