Iris Energy’s Strategic Pivot Captivates Market Analysts

The investment case for Iris Energy (IREN) is being reshaped, drawing significant attention from Wall Street. The company’s ambitious transition from a Bitcoin mining operation to a provider of high-performance computing (HPC) and artificial intelligence infrastructure is fueling fresh analysis and setting new financial expectations.

In a notable development for the firm, Goldman Sachs initiated coverage on Iris Energy. Analyst Michael Ng assigned a “Neutral” rating alongside a 12-month price target of $39 per share. For a stock that has already experienced a substantial rally, this initiation alone is viewed by the market as a validation of its new strategic direction.

The bank’s financial projections are notably Read more...