On November 6, Goldman Sachs cut its price target on IREN Ltd. by 40% to $30 from $50. The bank maintained its Neutral rating.
The cut came despite IREN reporting better-than-expected fiscal first-quarter revenue. Revenue was driven by a 182% sequential surge in AI cloud services.
Analyst Michael Ng cited a balance between strong growth and significant execution risks as IREN rapidly expands its AI data centers. Those risks include financing and building large-scale projects, a delay that pushes a significant Microsoft contract into early 2027, and how IREN will fund approximately $15 billion in planned capital spending.