IREN Limited (NASDAQ:IREN) is one of best bitcoin stocks to buy now. Freedom Capital initiated coverage of IREN Limited (NASDAQ:IREN) with a Hold rating on April 1, setting a price target of $36. The company stated that while it sees potential for the stock to rise to $43 over the next two years as the company fully converts its cryptocurrency mining capacity to serve AI customers, that may prove to be a longer process than promised and adds execution risk. Freedom Capital further told investors that it prefers other hedged names among neoclouds and the companies behind them, at least for now.
IREN Limited (NASDAQ:IREN) also received a rating upgrade from Cantor Fitzgerald on April 9. The firm lowered its price target on the stock to $61 from $82 and reiterated an Overweight rating on the stock, telling investors it believes the world is headed toward the proliferation of AI in nearly every sector, company and economy. In this context, he considers AI infrastructure to be “an attractive place to invest.” This is especially true given that investors are somewhat agnostic about which AI application or model emerges victorious. Cantor also said he expects a persistent imbalance between supply and demand over the next five years or more that will allow prices to remain strong.
IREN Limited (NASDAQ:IREN), formerly known as IREN Limited, is an Australia-based company that owns and operates data centers powered by renewable energy. Its facilities are specially optimized for Bitcoin mining, cloud artificial intelligence services and other types of energy-dense computing.
While we recognize IREN’s potential as an investment, we believe certain AI stocks offer greater growth potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that’s also benefiting significantly from Trump-era tariffs and the offshoring trend, check out our free report on best short-term AI stock.
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