JPMorgan Downgrades IREN (IREN) to “Neutral,” Hikes Price Target to $16

IREN Limited (NASDAQ:IREN) is one of the best performing crypto stocks so far in 2025. On July 28, JPMorgan downgraded IREN’s stock rating from “Overweight” to “Neutral,” while raising its price target from $12.00 to $16.00.

Iris Energy (IREN) stock has jumped nearly 80%, far ahead of Bitcoin and the WGMI Bitcoin Mining ETF, which each rose about 20%. The company also posted strong year-to-date returns and high profit margins, but JPMorgan sees the current valuation as possibly overheated, suggesting further gains would require either a high-performance computing (HPC) deal or a rise in Bitcoin prices.

While Iris shows potential to expand into HPC services, JPMorgan highlighted uncertainty around the timing of such a deal. Still, the bank raised its price target to $16 from $12, demonstrating confidence in the company’s long-term growth, despite a shift to a Neutral rating.

IREN Limited (NASDAQ:IREN) (formerly Iris Energy) is a digital infrastructure company specializing in bitcoin mining and AI cloud services. It operates large-scale data centers that support both proof-of-work blockchain networks and high-performance computing workloads. The company’s primary facilities include the Childress site in Texas, which has expanded to 510 MW of operating capacity. IREN’s main products are bitcoin, mined through proprietary rigs with a current hashrate of 31 EH/s, and AI compute services delivered via 1,896 NVIDIA H100 and H200 GPUs.

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