IREN Upgraded by JPMorgan to Overweight Amid AI Infrastructure Pivot
JPMorgan analyst Richard Choe has upgraded IREN Limited to Overweight from Underweight in a surprise move, citing the company's pivot to AI infrastructure as the main reason. The new price target of $65 represents a significant 41% increase from the previous mark of $46.
IREN's partnership with Nvidia is seen as a key catalyst for this change, as it has effectively transformed the company into a leading 'neocloud provider'. This shift in focus marks a departure from its original reputation as a Bitcoin mining infrastructure firm.
The company has been systematically converting its power-hungry facilities into AI cloud computing centers, leveraging existing electrical capacity and physical infrastructure. IREN's new partnerships with Prometheus, Figure AI, and an unnamed frontier AI lab suggest a diversified customer base beyond the crypto space.