What did JPMorgan's analyst change about Iren?

Richard Choe upgraded his firm's rating from a sell equivalent to buy, skipping the hold level entirely, and lifted the price target from $46 to $65 per share, Barron's reported.

How much upside does the new price target imply?

The $65 target represents roughly 50% upside from the levels of Sept. 18.

Why does JPMorgan see Iren gaining traction?

The firm sees Iren gaining traction in acquiring new customers and believes its strategic alliance with AI leader Nvidia has enhanced its credibility.

AI Stocks & MarketsAI Business & IndustryYahoo Finance AISep 19, 2026Sep 20, 2026, 04:00 JST

JPMorgan's Richard Choe jumps Iren to buy, lifts target to $65

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3 Key Points

What happened
JPMorgan Chase analyst Richard Choe upgraded Iren from a sell equivalent straight to buy, skipping hold, and raised his price target from $46 to $65 per share, Barron's reported.
Why it matters
That target implies roughly 50% upside from the levels of Sept. 18, a sign the brokerage now backs a plan it had previously rated a sell, according to Barron's.
What to watch
The call hinges on whether Iren keeps winning new customers and translating its Nvidia alliance into credibility, with AI cloud revenue more than doubling over the last two quarters. Some analysts expect the full transition away from Bitcoin mining to run until the end of the decade.

WHO IT HITSThe upgrade lands on investors weighing Iren's shift from Bitcoin mining to AI cloud services, and on portfolios that hold Nvidia-linked AI infrastructure names, since Choe cites the Nvidia alliance as a credibility boost.

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Context & Analysis

Iren came to this moment as a Bitcoin miner that had just posted a record fiscal 2025, with almost $87 million in net income for the period ended June 30, 2025. Management decided its assets could be worth more serving the high-performance compute that AI developers need, and began funneling Bitcoin mining revenue into AI cloud infrastructure.

The mix has shifted fast. Bitcoin mining still generated nearly half of revenue in the latest quarter, down from more than 75% in the prior quarter, and full-year AI cloud service revenue rocketed nearly eight times higher than in fiscal 2025. The trade-off is that Iren is again reporting net losses, driven by platform investments and cash impairments for decommissioning Bitcoin hardware and expanding cloud services.

Against that backdrop, Choe's move from a sell equivalent straight to buy, skipping hold, and his $46-to-$65 target suggest the brokerage is willing to look past those losses toward the cloud transition. Whether that bet pays off appears to hinge on continued customer wins and on how much the Nvidia alliance really adds in the eyes of buyers — with some analysts expecting the full exit from Bitcoin mining to stretch until the end of the decade.

FAQ

What did JPMorgan's analyst change about Iren?: Richard Choe upgraded his firm's rating from a sell equivalent to buy, skipping the hold level entirely, and lifted the price target from $46 to $65 per share, Barron's reported.
How much upside does the new price target imply?: The $65 target represents roughly 50% upside from the levels of Sept. 18.
Why does JPMorgan see Iren gaining traction?: The firm sees Iren gaining traction in acquiring new customers and believes its strategic alliance with AI leader Nvidia has enhanced its credibility.

Yahoo Finance AIRead Original Article

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