Macquarie Lowers Iren (IREN) PT to $70 While Maintaining Outperform Rating

Core Viewpoint - Iren Limited (NASDAQ:IREN) is facing mixed analyst opinions, with price target adjustments reflecting concerns over its performance in the AI and cryptocurrency sectors [1][2][3]. Group 1: Analyst Ratings and Price Targets - Macquarie analyst Paul Golding lowered the price target for Iren from $95 to $70 while maintaining an Outperform rating [1]. - B. Riley raised its price target for Iren to $83 from $74, despite the company's Q2 adjusted EBITDA of $75.3 million falling short of estimates [2]. - Cantor Fitzgerald reduced its price target on Iren to $82 from $136 while keeping an Overweight rating, citing a decline in revenue and adjusted EBITDA due to lower Bitcoin prices [3]. Group 2: Company Performance and Developments - Iren Limited operates in the vertically integrated data center business in Australia and Canada, owning computing hardware and data centers [5]. - The company reported significant milestones, including $3.6 billion in GPU financing and 1.6 GW of new power capacity in Oklahoma [2]. - The decline in revenue and adjusted EBITDA is attributed to a reduced operating hash rate as the company shifts capacity toward AI compute [3].