Bitcoin Miner IREN’s 47% Slide Flagged as a Buying Opportunity by B. Riley

The bank kept its buy rating on the stock and $74 target, citing a Microsoft GPU ramp and ample funding options. What to know : IREN is down 47% from its Nov. 5 high, sharply lagging mining/HPC and GPU cloud peers, according to B. Riley. The bank reiterated its buy rating and $74 price target, and said IREN is set up to outperform if AI sentiment improves. The company has about $8.9 billion of capital against $11.6 billion in planned HPC capex, with multiple funding levers still available, the report said.