STOCKS | Jefferies Starts IREN Coverage With $79 Target, Citing AI Cloud Strategy

Jefferies initiated coverage of IREN with a $79 price target, implying about 30% upside from about $60.50. According to NS3.AI, the firm said IREN’s AI cloud strategy could generate higher long-term cash flows than traditional data center colocation. Jefferies framed the AI cloud approach as a differentiator that could support stronger long-term financial performance relative to colocation-focused peers.