Cantor Fitzgerald raises 'IREN' price target to $100

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Summary

Cantor Fitzgerald said it raised IREN's price target from $49 to $100, more than doubling it.
The analyst said IREN has already risen sharply on expectations of a GPU cloud transition but still has further upside potential.
IREN is about 75% undervalued on a contracted power basis, and over time the valuation gap is expected to narrow.

IREN, which transformed from a Bitcoin (BTC) mining company into an artificial intelligence (AI) infrastructure company, is receiving a new evaluation on Wall Street.

On the 14th (local time), according to CoinDesk, Cantor Fitzgerald said in a report that it raised IREN's price target from $49 to $100, more than doubling it.

Noblauch, a Cantor Fitzgerald analyst, said, "IREN's current stock price has already shown a sharp rise on expectations of a GPU cloud transition, but there is still ample room to rise." He particularly noted, "By contracted power metrics, IREN is about 75% undervalued compared to competitors," and said he expects this gap to narrow over time.

He projected, "The current valuation gap is due to differences in revenue scale, but if the growth trend continues, a re-rating of IREN's stock will occur."

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