As IREN Ltd. (NASDAQ: IREN) stock surged by more than 14% over the past two days, driven by strong institutional demand for its Artificial Intelligence (AI) cloud infrastructure, Gautam Chhugani, an analyst at Bernstein, expects it to rally towards a new all-time high (ATH) over the next 12 months.

Chhugani reaffirmed a ‘Buy’ rating on IREN stock, according to a note sent to clients, which Finbold viewed on September 3, 2026. He maintained the firm’s 12-month price target for IREN at $100.

With IREN’s price hovering at $41.21 on Thursday, this analyst signals a potential 142.66% upside. Chhugani reiterated a bullish outlook based on the company’s capital-intensive AI cloud infrastructure, which offers vastly superior unit…