JPMorgan upgrades IREN to overweight on Nvidia partnership

IREN JPMorgan upgrade Nvidia partnership AI infrastructure neocloud

JPMorgan has issued a double upgrade for IREN, raising its rating from underweight to overweight. The investment bank also increased its price target for the company from $46 to $65, suggesting a potential upside of approximately 48% to 50% from recent closing prices.

The upgrade is driven by IREN's strategic partnership with Nvidia, which includes a multi-billion-dollar agreement signed in May. Analyst Richard Choe noted that IREN is establishing itself as a top-tier neocloud provider, benefiting from increased industry pricing and momentum in customer acquisitions.

While IREN's stock has faced a 27% decline over the past three months due to concerns regarding capital expenditures for AI expansion, analysts suggest that rising contract rates—now ranging from $15 to $20 per watt—will help offset operating expenses.

Entities

Iren · JPMorgan · Nvidia · Richard Choe

Claims

What the coverage asserts, and how many sources carry each claim.

[● 2 SOURCES] JPMorgan raised its price target for IREN from $46 to $65. bitfinanzas.com · newsable.asianetnews.com
[● 2 SOURCES] IREN stock declined approximately 27% over the last three months. bitfinanzas.com · newsable.asianetnews.com
[● 2 SOURCES] JPMorgan upgraded IREN from underweight to overweight. bitfinanzas.com · newsable.asianetnews.com
[● 2 SOURCES] IREN signed a multi-billion-dollar agreement with Nvidia in May. bitfinanzas.com · newsable.asianetnews.com
[○ 1 SOURCE] IREN's neocloud contract rates have risen to between $15 and $20 per watt. newsable.asianetnews.com

Sources

JPMorgan apuesta fuerte por una acción vinculada a Nvidia [bitfinanzas.com]

3 days ago

IREN Stock Slips, But A Top Wall Street Bank Is Bullish With Double-Upgrade And 50% Upside [newsable.asianetnews.com]

3 days ago