Macquarie Lowers Iren (IREN) PT to $70 While Maintaining Outperform Rating

Iren Limited (NASDAQ:IREN) is one of the worst AI stocks to invest in according to Reddit. On February 6, Macquarie analyst Paul Golding lowered the firm’s price target for Iren from $95 to $70 while keeping an Outperform rating.

On the same day, B. Riley raised its price target for Iren to $83 from $74 with a Buy rating, despite the company’s Q2 adjusted EBITDA of $75.3 million falling short of internal and consensus estimates. The firm highlighted significant milestones, including $3.6 billion in GPU financing, 1.6 GW of new power capacity in Oklahoma, and progress at its Texas sites.

Additionally, Cantor Fitzgerald lowered its price target on Iren to $82 from $136 while keeping an Overweight rating. The adjustment follows a sequential decline in revenue and adjusted EBITDA, which the firm attributed to lower Bitcoin prices and a reduced operating hash rate as the company shifts capacity toward AI compute. Despite these results, the firm noted that the transition was expected and views the subsequent after-hours share price decline as a buying opportunity for investors.

bitcoin mining

Iren Limited (NASDAQ:IREN) operates in the vertically integrated data center business in Australia and Canada. It owns and operates computing hardware, as well as electrical infrastructure and data centers.

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