B. Riley Financial cut its price target on IREN Ltd. from $91. The new target is $64, and the firm reaffirmed its Buy rating. IREN shares recently fell to a new 52-week low after a sharp pullback.
At recent trading levels, the new target implies more than 160% upside. B. Riley said the reduction was part of a broader adjustment to digital mining companies, as rising interest rates make financing more expensive.
The firm said the market appears to assign little value to IREN’s future pipeline and to assume a high cost of capital indefinitely. It views the selloff as an attractive buying opportunity, despite investor concerns about future capital needs and broader AI infrastructure spending.