Citizens Starts IREN Ltd. (IREN) at Market Outperform

Citizens analyst Greg Miller initiates coverage on IREN Ltd. (NASDAQ: IREN) with a Market Outperform rating and a price target of $80.00.

The analyst comments: "Different approach with significant power supply – IREN has taken a somewhat different approach with its pivot from bitcoin mining to servicing customers in the HPC segment of the AI market. Split between Texas and the West Coast of Canada, the company has 2.9 GW of contracted capacity available (with 910 MW operational), along with a growing but nascent GPUaaS business model. Unlike the majority of other bitcoin miners, the company intends to use its capacity for GPUaaS instead of traditional data center leasing.

Strategic optionality could provide balance – By selling its capacity as GPUaaS instead of traditional capacity, we expect IREN's revenue growth to far exceed others in the group. The service has a faster payback and higher yield but will also likely become much more competitive than traditional leasing over time."

For an analyst ratings summary and ratings history on IREN Ltd. click here. For more ratings news on IREN Ltd. click here.

Shares of IREN Ltd. closed at $48.85 yesterday.

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