IREN Ltd. (NASDAQ: IREN) has attracted bullish sentiment from Wall Street analysts following a recent stock surge. Ten analysts surveyed by TipRanks over the past three months have issued an average 'Moderate Buy' rating, with an average 12-month price target of $75.67.
At the time of reporting, IREN was trading at $41.21, suggesting a potential 83.62% uptrend based on the average analyst target. The lowest price forecast among the surveyed analysts for the next 12 months is $46.
Analyst Outlook
Gautam Chhugani, an analyst at Bernstein, reaffirmed a 'Buy' rating on IREN stock in a note to clients dated Thursday, September 3, 2026. Chhugani maintained Bernstein's 12-month price target at $100, which would represent a 142.66% increase from the stock's price at that time.
Chhugani's bullish outlook centers on the company's AI cloud infrastructure business model. Bernstein noted that IREN captures $10 million to $20 million in revenue per megawatt, compared to standard colocation returns of $2 million to $2.5 million per megawatt, positioning the company to capitalize on current compute scarcity.
The analyst highlighted multi-billion-dollar deals with major technology companies, which validates this strategy. Based on current fundamentals, Chhugani believes contracted annualized AI cloud revenue could reach $4 billion.
Stock Performance
Year-to-date, IREN's stock price has declined 3.5%, with the company's market capitalization at approximately $15.6 billion at the time of publication. Analysts have noted the company's successful shift from Bitcoin mining to the AI industry as a factor in their bullish assessments.
