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

The analyst commented, " While reported financial results remain influenced by the transition away from bitcoin mining, we believe the underlying AI cloud business continues to gain momentum. AI Cloud Services revenue increased to $70.5 million, from $33.6 million in the prior quarter, while bitcoin mining revenue declined to $66.7 million as capacity continues to be repurposed toward higher-value AI infrastructure deployments. Although near-term reported results may remain uneven as additional capacity is commissioned, we believe IREN remains well positioned to participate in the continued growth of the AI infrastructure market, supported by $1.0 billion of ARR operating today, $4.0 billion of contracted ARR, improving contract economics and financing that continue to support future deployments. We reiterate our Market Outperform rating and $80 price target, implying ~5.5x estimated FY2028 EV/EBITDA."

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Shares of IREN Ltd. closed at $40.53 yesterday.