Shares of Iren were double upgraded on Monday as the emerging so-called neocloud, which has shifted its focus to selling artificial-intelligence computing power from Bitcoin, continues to see momentum in its business shift.

Iren stock fell 3.3% to $42.35 in premarket trading on Monday after ending Friday up 0.4%. Shares have risen 18% this month.

J.P. Morgan analyst Richard Choe on Monday double upgraded Iren to Overweight from Underweight and raised his price target to $65 from $46. That price target represented 48% upside from the closing price of $43.83 from Friday.

Choe wrote that Iren has turned itself into "top tier" neocloud provider, a space pioneered by CoreWeave. The firm noted that Iren has seen momentum with adding customers and that its strategic partnership with Nvidia has added legitimacy to the company which saw revenue from AI cloud services grow 110% sequentially in the fiscal fourth quarter.