H.C. Wainwright analyst Mike Colonnese reiterated a Buy rating on Iris Energy (IREN – Research Report) today and set a price target of $22.00.
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Mike Colonnese has given his Buy rating due to a combination of factors highlighting Iris Energy’s promising growth potential. Firstly, the company reported impressive quarterly results with a significant increase in revenue, driven by a rise in Bitcoin production and prices, as well as higher gross profit margins, indicating strong operational performance.
Additionally, Iris Energy is strategically expanding its capabilities by investing in AI infrastructure, as evidenced by the development of a liquid-cooled AI data center. This move positions the company to capitalize on the growing demand for AI and high-performance computing services, enhancing its revenue streams. The company’s ambitious plans for a large-scale data center hub in Texas further underline its growth strategy and potential to attract major technology clients, making it an attractive investment opportunity in the evolving tech landscape.
In another report released on February 7, Roth MKM also maintained a Buy rating on the stock with a $25.00 price target.