JPMorgan Doubles Down on Iren Stock Upgrade, Sees 50% Upside Potential

JPMorgan recently upgraded its rating on Iren stock from underweight to overweight, citing the company's major agreement with Nvidia and rising contract value.

The investment bank bumped its price target to $65, indicating a potential 50% upside from Monday's closing price of $46.

Iren has experienced short-term market headwinds, with equity value dropping nearly 27% over the past three months due to investor hesitation around capital expenditures needed for AI operations.

The company's five-year AI cloud transaction with Nvidia, valued at more than $3 billion, is seen as a key driver of its growth. Contract pricing for Iren's neocloud operations now ranges from $15 to $20 per watt or higher, reflecting a significant bump from historic agreements.