Freedom Capital Initiates Coverage of IREN Limited (IREN) With a Hold on Potentially Lengthier Conversion from Crypto to AI

IREN Limited (NASDAQ:IREN) is one of the best bitcoin stocks to buy now. Freedom Capital initiated coverage of IREN Limited (NASDAQ:IREN) with a Hold rating on April 1, setting a price target of $36. The firm stated that although it sees potential upside in the stock to $43 within the next two years as the company completely converts its crypto mining capacity to serving AI customers, that may prove to be a lengthier process than has been promised, and one that adds execution risk. Freedom Capital further told investors that it prefers other covered names among neoclouds and their supporting companies, at least for now.

IREN Limited (NASDAQ:IREN) also received a rating update from Cantor Fitzgerald on April 9. The firm cut the price target on the stock to $61 from $82 and reiterated an Overweight rating on the shares, telling investors that it believes the world is heading toward the proliferation of AI across nearly every sector, business, and economy. In this context, it sees AI infrastructure as “an attractive place to invest”. This holds especially true given that investors are somewhat agnostic to which AI app or AI model emerges victorious. Cantor also stated that it envisions a persistent supply/demand imbalance for the next five-plus years that caters to pricing remaining strong.

Formerly known as IREN 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.

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