IREN price target lowered to $20 from $23 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on IREN (IREN) to $20 from $23 and keeps an Overweight rating on the shares. IREN mined 459 Bitcoin, or 16.4 Bitcoin per day, in February, a slight decrease from 16.8 Bitcoin mined per day in January, yielding a monthly mining revenue of $43.9M, a month over month decrease from $52M, but a 145.7% year over year increase. Cantor believes IREN’s mining growth profile and operating efficiency, along with its AI potential, are being severely discounted by the Street.