Northland Sees 100% Upside in IREN as Nvidia Partnership Boosts Outlook

Northland Capital has initiated coverage of IREN Ltd. (IREN) with an Outperform rating and a price target of $99, citing the company's shift to AI compute.

This new target implies more than 100% upside from IREN's prior close, according to Northland.

The call follows JPMorgan's move on September 14, which raised IREN two notches from Underweight to Overweight with a $65 target, citing its Nvidia NVDA cloud partnership and neocloud pricing power.

IREN has redirected some of its power towards AI compute after retiring lower-margin Bitcoin mining hardware, leading to a large non-cash impairment in its fiscal 2026 results.