Canaccord Genuity Reiterates Buy on IREN Limited (IREN)

Core Viewpoint - IREN Limited (NASDAQ:IREN) is recognized as one of the top meme stocks to invest in, with a Buy rating and a price target of $70 from Canaccord Genuity analyst Joseph Vafi [1][7]. Financial Performance and Projections - Following the Q2 earnings call, IREN plans to deliver approximately 140,000 graphics processing units (GPUs) by the end of 2026, which is expected to lead to an annualized run-rate revenue of $3.4 billion [2]. - The company has recently acquired a new 1.6 GW data center in Oklahoma, increasing its total secured power capacity to over 4.5 GW [2]. Analyst Ratings and Market Sentiment - Cantor Fitzgerald has reduced its price target for IREN from $136 to $82, attributing this to a sequential decline in revenue and adjusted EBITDA due to falling Bitcoin prices and operating hash rate, while maintaining an Overweight rating [3]. - Based on recommendations from 12 analysts, IREN is rated as a Moderate Buy, with an average share price upside of 99.35% as of February 12 [4]. Company Operations - IREN Limited operates data centers that support Bitcoin and artificial intelligence applications, utilizing renewable energy sources [4].