Three brokerages lowered their price targets for IREN after its latest quarterly results, even as the data center operator reported rapid AI Cloud growth and moved a major revenue milestone into 2027.
The revised targets were $47 for Cantor Fitzgerald, $55 for Macquarie and $56 for HC Wainwright, compared with earlier targets of $99, $90 and $74, respectively. Cantor kept its Overweight rating, Macquarie retained Outperform and HC Wainwright maintained Buy.
Goldman Sachs separately lowered its target to $30 from $50 on Nov. 6 and kept a Neutral rating. Cantor also reduced its 2028 adjusted EBITDA estimate for IREN and the valuation multiple used in its target calculation.
IREN’s fiscal first quarter of 2027 ended Sept. 30. The company reported $228 million in total revenue, up 66% from the prior quarter. AI Cloud delivered $200 million, a 182% sequential increase, and posted an 86% gross margin. IREN’s disclosed revenue backlog rose 22% to $20.3 billion, with about two-thirds tied to investment-grade counterparties.
IREN is expanding from Bitcoin mining into AI Cloud and data center services. Bitcoin mining generated $28 million in the quarter, down from $67 million in the preceding quarter, as the company shifted capacity toward AI workloads.
IREN says it has secured contracts and funding for a planned annualized revenue pace above $4 billion. The measure refers to a yearly revenue pace, not $4 billion already earned. A customer-requested design change and supplier scheduling affected delivery timing, continuing IREN’s $4 billion revenue target moving into 2027. IREN aims to reach the pace in January 2027, with a possible extension to February.
