5 Best Growth Stocks With Highest Upside Potential

4. IREN Limited (NASDAQ:IREN)

On July 6, 2026, Freedom Capital upgraded IREN Limited (NASDAQ:IREN) to Buy from Hold with an unchanged price target of $58. The firm said the shares have fallen with peers, creating “enough upside” to warrant a higher rating. Freedom Capital said the IREN story is “all about adding supply on schedule over the next two years” and continued to forecast revenue to “explode” from $717M this year to $3.1B in FY27 and $8.5B in FY28.

On July 2, IREN announced the appointments of Kambiz Aghili as chief product officer and Michael Nudelman as chief development officer. Aghili will lead product strategy and the roadmap for IREN’s AI Cloud platform, including its bare metal GPU offering, managed services, and broader product capabilities. Aghili joins from Oracle Cloud Infrastructure, where Aghili served as Vice President of Products. Nudelman will lead IREN’s global data center development strategy and the expansion of its 5GW secured grid-connected power portfolio across existing and new markets.

On June 18, Jefferies analyst Jonathan Petersen initiated coverage of IREN with a Buy rating and $79 price target. Petersen cited the company’s “extraordinarily large” long-term powered land bank and vertically integrated GPU cloud approach, saying IREN has executed “a compelling strategic pivot.” Petersen also said owning the land and data centers gives IREN “unique optionality” to serve customers from powered shells to full GPU cloud builds.

IREN Limited (NASDAQ:IREN) operates in the vertically integrated data center business in Australia and Canada.