Analyst resets price target for popular Bitcoin mining stock
IREN, formerly known as Iris Energy Limited, which recently adopted an AI-focused strategy, is projected to benefit from its move.
As per estimations shared by Bernstein, the Bitcoin mining firm is likely to see a hike in its share prices.
Related: What is Bitcoin mining? Explained
IREN stock reflected a gain of 12.86% on Sep. 25. With this, its current price has come to $47.14. Estimations from Bernstein analysts predict that the stock price could hit a historic high of $75.
“We believe IREN has made adequate progress for us to take the AI cloud business seriously, and build an investment case for re-rating,” The Block quoted Bernstein analysts as saying in a note to…
