IREN Watch posted an update
Cantor Fitzgerald has cut its IREN price target to $47 from $99, while keeping its Overweight rating, Yahoo Finance reports. The cut comes as IREN pushes the start of more than $4bn in contracted annualised AI revenue into 2027, following network changes requested by Microsoft and supplier delays.
Why it mattersIREN reported $200m in AI Cloud revenue for the September quarter, up 182%, but said it expects little revenue from the new capacity in the December quarter. A price target is an analyst forecast, not a verdict on where the shares will land. The more useful test is whether the delayed capacity starts earning revenue on schedule.
Discuss: Should investors give more weight to IREN’s rapid AI Cloud revenue growth or to the delays in bringing its largest contracted capacity online?
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