Stock Track | IREN Ltd Soars 5.02% Intraday on Analyst Optimism Despite Earnings Miss

Stock Track
02/06

IREN Ltd's stock surged 5.02% during intraday trading on Friday, showing strong investor interest despite the company's recent disappointing earnings report.

The price movement appears to be driven by analyst optimism about the company's strategic transition. B. Riley raised its target price on IREN to $83 from $74, while Cantor Fitzgerald maintained its Overweight rating on the stock. These positive analyst actions suggest confidence in IREN's long-term prospects despite short-term challenges.

IREN is transitioning from cryptocurrency mining operations to AI cloud infrastructure services, highlighted by its $9.7 billion deal with Microsoft and recent $3.6 billion GPU financing. While the company reported weaker-than-expected second-quarter results with revenue declining to $184.7 million, analysts seem focused on the potential of its AI computing pivot.

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