Bernstein Lowers IREN Price Target Amid Bitcoin Mining Reduction

Bernstein has revised its price target for IREN, reducing it from $125 to $100, while maintaining an Outperform rating. According to NS3.AI, the adjustment is attributed to a decrease in Bitcoin mining activities and share dilution, rather than any weakening in AI strategies. IREN has entered into a five-year agreement with Microsoft, contracting 77,000 GPUs, which is expected to generate approximately $1.94 billion in annualized revenue.