Iren Stock Surges on Nvidia and Microsoft Mega-Deals, Bernstein Sets $100 Price Target

Bernstein has elevated its price target for Iren to a Wall Street-high of $100, signaling a potential 69% upside. The bullish outlook follows Iren's landmark $5.5 billion deal with Nvidia, dubbed "the Nvidia blessing," and reaffirms the firm's Buy rating.

Iren's 2 GW Sweetwater site is poised to become a flagship location for Nvidia’s DSX-AI data center blueprint. Meanwhile, the company remains on track to deliver its 200 MW Horizon data center as part of a $9.7 billion agreement with Microsoft. An 800 MW data center campus in South Australia further targets burgeoning APAC AI demand.

Shares of Iren climbed 2% on Tuesday, adding to a 9% jump the previous day. Analyst Gautam Chhugani, ranked in the top 5% on TipRanks, highlights the Nvidia deal as a key catalyst. His track record on IREN includes a 76% success rate and an average return of 139% over the past year.