IREN received an upgrade to Buy from Hold by Freedom Capital on Monday. Shares rose more than 13% at the time of writing, breaking a nine-day losing streak. The upgrade followed an overnight rally triggered by an Australian Financial Review report over the weekend suggesting the renewable energy-focused data center operator is positioned to secure a significant Australian data center contract. Freedom Capital maintained its $58 price target, implying nearly 50% upside from Thursday's closing price, and forecast IREN's revenue at $717 million this year, $3.1 billion in 2027, and $8.5 billion in 2028. The stock ranked among the top ten trending tickers on Stocktwits at the time of writing.
Freedom Capital Upgrades IREN to Buy
Freedom Capital upgraded the renewable energy-focused data center operator to Buy from Hold after noting the company's shares have fallen alongside peers, according to TheFly. The firm stated there is "enough upside" to warrant the higher rating and highlighted that IREN's growth story is "all about adding supply on schedule over the next two years." The firm noted the same applies to neocloud rivals CoreWeave (CRWV) and Nebius (NBIS) amid rising AI demand. Freedom Capital forecasts IREN's revenue to "explode" in the coming years, estimating $717 million this year, $3.1 billion in 2027, and $8.5 billion in 2028. The firm's price target of $58 remains unchanged, implying upside potential of nearly 50% from the stock's closing price on Thursday.
Australian Financial Review Reports Anthropic Data Center Plans
The Australian Financial Review reported over the weekend that Anthropic is looking to secure at least 1.4 gigawatts of cloud capacity from Australian data centers and wants a local company to oversee construction and operation of the campus. IREN announced its first Australian project just a month ago: an 800-megawatt data center campus in Bundey, South Australia, which boasts submarine fiber connectivity into key Asia-Pacific markets. The media report served as an additional catalyst for IREN stock, which was already rallying on the upgrade news.
Stocktwits Shows Bullish Retail Sentiment
Retail sentiment toward IREN remained in bullish territory on Stocktwits over the last 24 hours. One user on the platform stated the company is continuing to ride the strength of the neocloud/AI infrastructure group. IREN shares have gained more than 16% so far this year and have nearly tripled in value over the last 12 months.
FAQ
What price target did Freedom Capital set for IREN stocks?
Freedom Capital maintained its price target of $58 for IREN, which implies upside potential of nearly 50% from the stock's closing price on Thursday.
What revenue does Freedom Capital forecast for IREN?
Freedom Capital forecasts IREN's revenue at $717 million this year, $3.1 billion in 2027, and $8.5 billion in 2028.
What did the Australian Financial Review report about Anthropic and IREN?
The Australian Financial Review reported over the weekend that Anthropic is seeking at least 1.4 gigawatts of cloud capacity from Australian data centers, and IREN announced an 800-megawatt data center campus in Bundey, South Australia, just a month ago.
