BTIG initiated coverage of IREN (IREN) with a Buy rating and $22 price target IREN is a vertically integrated bitcoin miner with 28 EH of installed hash and 460MW of operational power infrastructure in North America, the analyst tells investors in a research note. The firm says the company is in the process of adding 350MW, which should boost capacity to 50 EH. BTIG believes IREN is near the low end of the cost curve with 93% of its total contracted power capacity in Texas and one of the most efficient mining fleets amongst peers. The company has power infrastructure which could secure some high performance computing work, the firm contends.
Maximize Your Portfolio with Data Driven Insights:
- Leverage the power of TipRanks' Smart Score, a data-driven tool to help you uncover top performing stocks and make informed investment decisions.
- Monitor your stock picks and compare them to top Wall Street Analysts' recommendations with Your Smart Portfolio
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on IREN:
- IREN price target raised to $16 from $15 at B. Riley
- IREN price target raised to $25 from $16 at Compass Point
- Crypto Currents: Activist investor Starboard takes stake in Riot
- IREN initiated with a Buy at JonesResearch
- IREN price target raised to $25 from $20 at Roth MKM