JPMorgan Starts IRIS International (IRIS) at Neutral

JPMorgan analyst Reginald Smith initiates coverage on IRIS International (NASDAQ: IRIS) with a Neutral rating.

The analyst comments "We are moving to a Neutral rating (Overweight rating prior to restriction) from a Not Rated designation. The past six months have been an ‘imperfect’ storm of sorts for bitcoin mining operators--bitcoin is down, the network hashrate, a proxy for competition, is up, and funding has essentially dried up, causing most miners to reduce capex and growth assumptions. YTD, IREN is down 78% (vs. 59% decline in BTC). Despite offering good relative value (vis-à-vis other mining stocks), we think material and sustained share upside is contingent on a bitcoin rally, with feels less likely in a rising interest rate environment. We think bitcoin and the miners are a ’23 story and would be more constructive in the quarters ahead of the next block reward halving date (2Q24)."

For an analyst ratings summary and ratings history on IRIS International click here. For more ratings news on IRIS International click here.

Shares of IRIS International closed at $19.49 yesterday.

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