IREN (IREN) Reiterated at Market Outperform by Citizens on Raised AI Cloud ARR Target

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

The analyst commented, "IREN raised its CY2026 year-end AI Cloud ARR target to more than $4.0 billion, from $3.7 billion previously, following the signing of new multi-year cloud services agreements representing $2.8 billion of total contract value. Approximately 85% of the updated ARR target is now under contract, while recent agreements include customer prepayments covering roughly 45% of associated GPU capex, reducing IREN's net funding requirements. We believe the announcement provides further evidence that deployable AI compute capacity remains scarce. Customer prepayments covering nearly half of associated GPU capex suggest customers remain willing to commit meaningful capital to secure access to infrastructure, while the increase in contracted ARR improves visibility into the company's near-term growth trajectory. We reiterate our Market Outperform rating and $80 price target, implying ~5.5x estimated FY2028 EV/EBITDA."

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 $40.20 yesterday.

You May Also Be Interested In

• Jefferies Starts PagSeguro (PAGS) at Hold
• Berenberg Downgrades Boliden AB (BOL:SS) (BDNNF) to Hold
• RBC Capital Downgrades Var Energi (VAR:NO) to Sector Perform