Freedom Broker Upgrades IREN Ltd. (IREN) to Buy

Freedom Broker analyst Paul Meeks upgraded IREN Ltd. (NASDAQ: IREN) from Hold to Buy with a price target of $58.00.

The analyst comments "First, we’re lowering our revenue estimates for the next two quarters ended June and September 2026. While there’s no change to our expectation for the company to have 150K GPUs installed by the end of C26 (IREN has a June FY) delivering 480MW of power and $3.7B in ARR, we see a more backend-weighted ramp this year. ● Second, as these shares have fallen with those of IREN’s peers, we’re upgrading the stock from HOLD to BUY given that there’s enough upside (now +49%) to our unchanged $58 PT. As with all the neoclouds, and we also cover CoreWeave (CRWV, $81.75, BUY, $151 PT) and Nebius (NBIS, $215.62, HOLD, $159 PT), this story is all about adding supply on schedule over the next two years as we still forecast that IREN’s revenues will explode from $717M this year to $3.1B in F27 and $8.5B in F28. We encourage you to take a good look at today’s prices at CRWV, IREN, and NBIS in that order based solely on relative valuation because fundamentally we see bright futures for all three companies."

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 $38.82 yesterday.

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