IREN Gets Neutral Rating from Rothschild Redburn with $40 Price Target

Rothschild Redburn has initiated coverage of IREN Ltd., assigning it a neutral rating and setting a price target of $40.00.

The company, which was founded by brothers Daniel and Will Roberts in 2018 as Iris Energy, operates renewable-energy-powered Bitcoin mining data centers in British Columbia and Texas.

IREN has transitioned its data center infrastructure to AI cloud services due to the volatility of Bitcoin mining economics and increased demand for GPU compute. This move has driven 41% revenue growth over the past twelve months, with revenues reaching $707 million.

However, despite this growth, IREN remains unprofitable with a loss of $2.22 per share. Analysts predict that the company will become profitable this year.