IREN Limited (NASDAQ:IREN) is among the 10 best meme stocks to buy now. On February 10, Canaccord Genuity analyst Joseph Vafi reiterated the firm’s Buy rating on the stock with a price target of $70.
The adjustment comes following the company’s Q2 earnings call. According to TipRanks, the analyst noted IREN’s plans to deliver about 140,000 graphics processing units (GPUs) by the end of 2026, placing it on track to post an annualized run-rate revenue of $3.4 billion.
Another reason for the bullish sentiment on IREN Limited (NASDAQ:IREN) is its recent acquisition of a new 1.6 GW data center in Oklahoma, bringing the company’s total secured power capacity to over 4.5 GW.
In related news, on February 9, Cantor Fitzgerald slashed its price target on the stock to $82 from $136, citing a sequential decline in revenue and adjusted EBITDA due to falling Bitcoin prices and operating hash rate. However, the firm, which maintained an Overweight rating, believes the results were not surprising given the company’s shift toward AI compute.
Based on 12 analysts’ recommendations, the stock is rated a Moderate Buy, with an average share price upside of 99.35% as of the close of business on February 12.
IREN Limited (NASDAQ:IREN) owns and operates data centers powering the future of Bitcoin and artificial intelligence using renewable energy.
While we acknowledge the potential of IREN as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.
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Disclosure: None.
