IREN’s Price Target Raised to $100 by Cantor Fitzgerald

IREN, a bitcoin miner pivoted to AI infrastructure, is viewed positively by Cantor Fitzgerald.
Analyst Brett Knoblauch compares IREN's business model to CoreWeave, emphasizing its potential growth in the AI Cloud Services segment.
IREN trades at a 75% discount compared to peers in terms of contracted megawatts, suggesting potential for value increase as gaps close.
Knoblauch raised his price target for IREN from $49 to $100, indicating a 56% potential upside from the recent closing price of $64.14.
The stock has surged by 513% since the beginning of the year, starting just above $10.
Current premarket trading shows a slight increase to $64.50.