IREN Stock Surges on Bullish Analyst Call and Strong Bitcoin Performance

IREN Ltd.'s (NASDAQ:IREN) stock price rose about 3% in Monday's premarket trading, supported by a fresh bullish analyst call and strength in Bitcoin. The cryptocurrency gained around 4.9% over the past 24 hours.

This lifted sentiment across crypto-linked stocks, including IREN, which operates a Bitcoin mining business alongside its artificial intelligence infrastructure operations.

Northland Capital Markets analyst Nehal Chokshi initiated coverage of IREN on Friday with an Outperform rating and a $99 price forecast. This is in line with other predictions from JPMorgan and BTIG, who have upgraded the stock to Overweight and maintained a Buy rating respectively.