Iris Energy Shares Pop As Analysts See Sharp Upside

JPMorgan analyst Reginald Smith initiated coverage of Iris Energy Ltd (NASDAQ:IREN) with an Overweight rating and $30 price target, implying 108.3% upside.
The company builds, owns, and operates data center and electrical infrastructure, primarily powered by renewable energy, for the mining of bitcoin, Smith tells.
The analyst says the share “trade at deep discounts” to the other U.S. listed miner operators on a contracted hash rate basis.
As such, he thinks Iris is an “attractive and efficient way” to gain long exposure to bitcoin prices and sentiment.
Compass Point analyst Giuliano Bologna initiated coverage on Iris Energy with a Buy rating with a price target of $22, suggesting a 52.8% upside.
Iris is a bitcoin mining company. It builds, owns, and operates data centers and electrical infrastructure for the mining of Bitcoin, primarily powered by renewable energy.
Price Action: IREN shares traded higher by 5.90% at $15.25 in the premarket session on the last check Monday.