JPMorgan Upgrades Iren (IREN) Conviction, Values Bitcoin Miners as Integrated Cloud Businesses

Iren Limited (NASDAQ:IREN) is one of the best upside stocks to buy now. On November 24, JPMorgan raised the firm’s price target on Iren to $39 from $28 and kept an Underweight rating on the shares. The recent surge in M&A activity within the HPC sector has led JPMorgan to have greater confidence in Bitcoin mining companies, such as Iren. This increased conviction is attributed to the bank’s use of higher valuation assumptions for the miners, which are based on viewing them as integrated cloud businesses. ...