IREN downgraded to Neutral from Overweight at JPMorgan

JPMorgan downgraded IREN (IREN) to Neutral from Overweight with a price target of $15, up from $9.50. The firm updated its bitcoin miner price targets and models to reflect the Q3 results and increases in bitcoin price and the network hashrate. The firm says that while IREN was its top pick entering 2024, with the shares up over 100% year-to-date, it is time to move to the sidelines. JPMorgan continues to like IREN’s “industry leading” fleet efficiency, power costs and uptime, but views the company’s cloud compute business as a “wild card today,” and thinks other operators offer better value at current levels.