Iris Energy price target raised to $23 from $20 at Cantor Fitzgerald

Cantor Fitzgerald raised the firm’s price target on Iris Energy (IREN) to $23 from $20 and keeps an Overweight rating on the shares. Based on the firm’s year-end hash rate estimates, Iris is trading on a lower enterprise-value-less-Bitcoin/hash rate multiple than the pure-play Bitcoin miners despite having “legitimate AI/HPC potential,” the analyst tells investors. In addition, Iris is “likely taking over the reins as the low-cost miner amongst our coverage by year-end,” the firm says.