Citizens Sticks with Market Outperform Rating on IREN Amid Shift to AI Cloud

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

The firm noted that AI Cloud Services revenue increased to $70.5 million in the latest quarter, while bitcoin mining revenue declined to $66.7 million as capacity is repurposed towards higher-value AI infrastructure deployments.

IREN has a market cap of $14.5 billion and has delivered a 76% return over the past year, though it currently trades at $40.53, down 47% from its 52-week high.

Citizens stated that near-term reported results may remain uneven as additional capacity is commissioned, but the company remains well-positioned to participate in the continued growth of the AI infrastructure market.