Macquarie Lowers Iren (IREN) PT to $70 While Maintaining Outperform Rating

Iren Limited (NASDAQ:IREN) is one of the worst AI stocks to invest in according to Reddit. On February 6, Macquarie analyst Paul Golding lowered the firm’s price target for Iren from $95 to $70 while keeping an Outperform rating.

On the same day, B. Riley raised its price target for Iren to $83 from $74 with a Buy rating, despite the company’s Q2 adjusted EBITDA of $75.3 million falling short of internal and consensus estimates. The firm highlighted significant milestones, including $3.6 billion in GPU financing, 1.6 GW of new power capacity in Oklahoma, and progress at its Texas sites.

Additionally, Cantor Fitzgerald lowered its price target on Iren to $82 from $136 while keeping an Overweight rating. The adjustment follows a sequential decline in revenue and adjusted EBITDA, which the firm attributed to lower Bitcoin prices and a reduced operating hash rate as the company shifts capacity toward AI compute. Despite these results, the firm noted that the transition was expected and views the subsequent after-hours share price decline as a buying opportunity for investors.

Iren Limited (NASDAQ:IREN) operates in the vertically integrated data center business in Australia and Canada. It owns and operates computing hardware, as well as electrical infrastructure and data centers.

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.

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