IREN Limited rated Strong Buy with $49 target, 20% upside on AI cloud growth and new capacity.

IREN Limited is rated a Strong Buy with a price target of $49, implying a 20% upside from the current $41 price. The positive outlook is driven by expected revenue growth from AI cloud services ramping up in 2026, an additional 730MW capacity planned for 2027, and reduced financing costs due to customer prepayments. The analyst projects these factors will boost forward non-GAAP EPS to about $2.03, valuing the stock at a sector median 24x forward P/E multiple. This investment thesis combines quantitative and fundamental analysis to highlight IREN's growth potential.