Iris Energy price target raised to $17 from $15 at Canaccord

Canaccord raised the firm’s price target on Iris Energy (IREN) to $17 from $15 and keeps a Buy rating on the shares. The firm said with one of the best at-scale costs of power versus peers, combined with a BTC spot price of $90K+, the playbook is materially changing for IREN, especially in light of a quite favorable ramp in EH/s this quarter in the midst of the BTC rally.