Iris Energy Ltd. (IREN) PT Lowered to $17 at B.Riley

B.Riley analyst Lucas Pipes lowered the price target on Iris Energy Ltd. (NASDAQ: IREN) to $17.00 (from $18.00) while maintaining a Buy rating.

The analyst commented: "Iris Energy Limited produced 233 BTC in June, 1% higher M/M. The company reported a slightly lower operating hash rate in June due to power demand response participation during the summer months which is expected to result in full-year power cost savings of 0.5c/kWh. According to our estimates, IREN's utilization rate was 96%. We believe IREN is on track to meet its expansion schedule of 20 EH/s in Q3 2024 and 30 EH/s in Q4 2024, with S21 Pro miners scheduled to begin shipping in July. IREN's AI Cloud services saw a 21% revenue increase in June, reflecting higher utilization of its GPU fleet and onboarding of new customers. As a reminder, IREN has 510 MW of power capacity in operation and under construction, and over 3 GW of total capacity in its pipeline, including a 1.4 GW West Texas project."

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