IREN Stock Rises on Strong Analyst Calls and Bitcoin's Surge

IREN Limited's stock price surged by about 3% in premarket trading on Monday, following a series of positive analyst calls and the strengthening of Bitcoin. Northland Capital Markets initiated coverage with an Outperform rating and a $99 price target, more than double IREN's current price.

The company's shift towards higher-growth AI infrastructure and cloud computing is increasingly being valued by investors. JPMorgan recently upgraded IREN to Overweight from Underweight and raised its price target to $65, while BTIG maintained a Buy rating with an $80 target.

IREN still operates a Bitcoin mining business, but the company's growing AI infrastructure business has become a key focus for analysts and investors. The partnership with Nvidia and other AI-related contracts have helped IREN redirect power and data-center capacity away from lower-margin Bitcoin mining hardware and toward AI compute workloads.