Analyst issues ‘outperform’ rating on crypto stock after 800% rally

Core Insights - Bernstein analysts have assigned an "outperform" rating to IREN Limited due to its strong power capacity amid the AI boom [1][8] - IREN is the world's leading Bitcoin miner with a market capitalization exceeding $17 billion [2] - The company has access to 3 GW of operational and under-development power capacity in North America [5] Company Performance - IREN generated approximately $1.1 billion in annualized revenue and $650 million in EBITDA at current Bitcoin prices [6] - Revenue is projected to grow from $286 million in 2024 to $2.1 billion in 2027, with AI expected to contribute more than half of this revenue [7] - By 2027, AI and power segments are anticipated to represent 87% of IREN's enterprise value, while Bitcoin mining will account for 13% [7] Market Position - The company has significant access to grid-connected power, totaling over 14 GW, which is a scarce resource in the U.S. [4] - IREN's involvement in AI cloud operations is growing, leveraging its strong performance in Bitcoin mining [6][7] - The stock price target has been reiterated at $75, with the stock experiencing over 100% growth in a month and 800% in a year [8]