Iris Energy price target raised to $20 from $14 at Roth MKM

Roth MKM raised the firm’s price target on Iris Energy (IREN) to $20 from $14 and keeps a Buy rating on the shares. Iris Energy accelerated its 50 EH/s timeline to the first half of 2025, which could generate around $714M or more of annual recurring revenue AEBITDA by the second half of 2025, and improved BTC economics should help support site expansion, the analyst tells investors in a research note. Infrastructure investments at Prince George and Childress and not purchasing additional GPUs, suggests Iris could be developing a small high performance computing colocation platform, which is likely to receive a more favorable multiple, Roth says.