Citizens Sticks with Market Outperform Rating on IREN Amid Shift Towards AI

Citizens reiterated its Market Outperform rating and $80 price target for IREN Ltd. (NASDAQ:IREN) shares, citing the company's shift towards AI infrastructure deployments.

The firm revised its estimates to reflect platform scaling, increasing AI Cloud contribution, and higher investment levels.

According to Citizens analyst Greg Miller, the estimate revisions are due to the continued shift from bitcoin mining toward AI infrastructure deployments.

IREN reported negative levered free cash flow of $2.23 billion over the last twelve months, but analysts forecast a return to profitability with earnings of $0.44 per share expected in fiscal 2027, compared to a loss of $2.22 per share currently.