11 Best Australian Stocks to Buy According to Analysts

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5. IREN Limited (NASDAQ:IREN)

Number of Hedge Fund Holders: 44

Analyst Upside Potential: 146.31%

IREN Limited (NASDAQ:IREN) is a technology company that operates data centers powered by renewable energy. Its facilities are optimized for Bitcoin mining, artificial intelligence, cloud services, and other high-power computing tasks. The company is headquartered in Australia and operates multiple data center mining facilities located in Canal Flats, Mackenzie, and Prince George’s in Canada.

On May 6, Compass Point analyst Joe Flynn maintained a Buy rating on the stock with a price target of $15. The bullish sentiment is backed by the company’s significant progress in expanding its Bitcoin mining capacity, which reached 40 exahashes per second as per the April 2025 update. Management noted that this growth is driven by commissioning additional mining hardware, particularly within the company’s Childress Phase 4 data centers, which achieved an efficiency of 15 joules per terahash.

Alongside mining expansion, IREN Limited’s (NASDAQ:IREN) AI Cloud Services revenue continues to grow, supported by the development of its Horizon 1 AI Data Center. During April 2025, the AI Cloud Services revenue reached $2 million, up from $1.6 million last month. IREN Limited (NASDAQ:IREN) is one of the best Australian stocks to buy according to analysts.

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