Jefferies Initiates Buy Coverage on IREN With $79 Price Target, Sees $3.1B AI Revenue Opportunity

BTC-5.07%
According to Jefferies analyst Jonathan Petersen, shares of IREN rose nearly 4% in premarket trading on Thursday after the firm initiated coverage with a 'Buy' rating and a $79 price target. Jefferies believes IREN's transition from bitcoin mining to AI data center operations will unlock substantial long-term value. The analyst highlighted that IREN's 6 GW powered land bank and contracts with Microsoft and Nvidia could support roughly $3.1 billion in annual recurring revenue, with the Microsoft deal alone worth an estimated $9.7 billion over five years.
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