BTIG Lifts PT on Iris Energy Limited (IREN) to $32 From $22

Iris Energy Limited (NASDAQ:IREN) is one of the top high growth international stocks to buy right now. On September 9, BTIG raised the firm’s price target on Iris Energy Limited (NASDAQ:IREN) to $32 from $22, keeping a Buy rating on the shares.

IREN Ltd. (IREN) Soars for 7th Day, as Firm On Track to Hit Hash Rate Target

The rating update came as part of a broader research note focused on crypto mining names. BTIG stated that Iris Energy Limited (NASDAQ:IREN) recently announced the expansion of its GPU portfolio with the purchase of ~9k GPUs from Nvidia, lifting its owned GPU fleet to ~10.9k.

The analyst told investors that this marks a 5-fold increase from the ~2k GPUs plugged in early 2024.

Formerly known as Iris Energy Limited, IREN Limited (NASDAQ:IREN) is an Australia-based company that owns and operates renewable energy-powered data centers. Its facilities are specially optimized for Bitcoin mining, AI cloud services, and other power-dense computing.

While we acknowledge the potential of IREN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than IREN and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.