IREN price target raised to $21 from $19 at B. Riley

B. Riley analyst Nick Giles raised the firm’s price target on IREN (IREN) to $21 from $19 and keeps a Buy rating on the shares following the fiscal Q2 report. The firm views the Horizon 1 announcement as a “clear prioritization of colocation opportunities, which investors have expressed a strong preference for.” In addition, Horizon 1 could also prove useful in the marketing of the eventual Sweetwater Data Center Hub, the analyst tells investors in a research note. Riley now views IREN’s growth pathway as “incrementally clearer.”