Jim Cramer Says It's 'Time To Sell' This AI Infrastructure Stock Amid Steep Pullback, Despite New Partnerships, Bullish Analyst Ratings - IREN (NASDAQ:IREN)

Core Viewpoint - Renowned TV host Jim Cramer has issued a "Sell" rating on Iren Ltd., an AI infrastructure company, despite previous bullish sentiments and catalysts [1][2]. Company Overview - Iren Ltd. transitioned from an Australian Bitcoin miner to an AI infrastructure company and has experienced a significant pullback after a substantial rally earlier this year [2][4]. - The stock has dropped 11.59% in a single day, closing at $35.48, which is 53.84% below its 52-week high reached in November [3][7]. Recent Developments - Cramer changed his stance on Iren following the company's announcement of a $2 billion convertible note offering, which he criticized as unnecessary dilution of shareholders' equity [4][5]. - Despite Cramer's negative outlook, Iren secured a $9.7 billion multi-year deal with Microsoft, marking it as one of the largest agreements in the AI infrastructure sector [5]. Analyst Perspectives - Analysts at B. Riley view the stock's recent pullback as a buying opportunity, maintaining a "Buy" rating with a price target of $74 per share, indicating a potential upside of 108.56% from current levels [6]. - The consensus price target for Iren shares is $56.93, with a high-end target of $136.00, representing potential upsides of 60.45% and 283.31%, respectively [7].