Northland Boosts IREN Shares with $99 Target
IREN Ltd., trading under ticker IREN, saw its shares rise by 1.82% premarket after Northland Capital initiated coverage at Outperform with a price target of $99. This new call from Northland adds to an already bullish analyst consensus, which had 14 buy ratings and three holds before today's move.
The analysis follows JPMorgan's recent upgrade of IREN from Underweight to Overweight on September 14, citing the company's Nvidia NVDA cloud partnership and neocloud pricing power. Additionally, IREN made a strategic decision to retire lower-margin Bitcoin mining hardware, redirecting its resources towards AI compute.
This move came with a significant non-cash impairment in fiscal 2026 results, but it also lifted the company's contracted annual recurring revenue target to $4 billion for 2026. The upgrade by JPMorgan and now Northland Capital's coverage suggest that investors are taking note of IREN's strategic shift towards AI compute.