Canaccord Genuity Reiterates Buy on IREN Limited (IREN)

IREN Limited (NASDAQ:IREN) is among the 10 best meme stocks to buy now. On February 10, Canaccord Genuity analyst Joseph Vafi reiterated the firm’s Buy rating on the stock with a price target of $70.

Canaccord Genuity Reiterates Buy on IREN Limited (IREN)

The adjustment comes following the company’s Q2 earnings call. According to TipRanks, the analyst noted IREN’s plans to deliver about 140,000 graphics processing units (GPUs) by the end of 2026, placing it on track to post an annualized run-rate revenue of $3.4 billion.

Another reason for the bullish sentiment on IREN Limited (NASDAQ:IREN) is its recent acquisition of a new 1.6 GW data center in Oklahoma, bringing the company’s total secured power capacity to over 4.5 GW.

In related news, on February 9, Cantor Fitzgerald slashed its price target on the stock to $82 from $136, citing a sequential decline in revenue and adjusted EBITDA due to falling Bitcoin prices and operating hash rate. However, the firm, which maintained an Overweight rating, believes the results were not surprising given the company’s shift toward AI compute.

Based on 12 analysts’ recommendations, the stock is rated a Moderate Buy, with an average share price upside of 99.35% as of the close of business on February 12.

IREN Limited (NASDAQ:IREN) owns and operates data centers powering the future of Bitcoin and artificial intelligence using renewable energy.

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.

READ NEXT: 10 Best American Defense Stocks to Buy According to Wall Street Analysts and 12 Most Profitable NASDAQ Stocks to Buy Right Now.

Disclosure: None.