Bernstein Reiterates Buy Rating on Iren Limited (IREN)

IREN Limited (NASDAQ:IREN) is one of the 10 Best Data Center Stocks to Buy in July. On July 7, TipRanks reported that Bernstein analyst Gautam Chhugani reiterated a Buy rating on IREN while setting a price target of $100.00.

Similarly, Freedom Capital upgraded its rating on IREN to Buy from Hold on July 6, maintaining its price target of $58, according to a report by TheFly. The analyst noted that shares have fallen with those of peers, which means that now there’s enough upside to warrant a higher rating for the stock.

Freedom Capital said the IREN story is all about adding supply on schedule over the next two years, similar to other neocloud firms. The analyst projects the company’s revenue to “explode” from $717 million this year to $3.1 billion in FY27 and $8.5 billion in FY28.

Based on 17 analyst ratings compiled by CNN, 73% assigned a Buy rating to IREN, while 14% assigned a Hold rating. The stock has a median price target of $82.50, a 107.21% upside from the current price of $39.81.

IREN Limited (NASDAQ:IREN) is a vertically integrated AI Cloud provider, delivering large-scale data centers and GPU clusters for AI training and inference. The company’s platform is underpinned by its expansive portfolio of grid-connected land and power in renewable-rich regions across North America, Europe and APAC.

While we acknowledge the risk and potential of IREN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than IREN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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