JPMorgan raises Iren price target to $46 but keeps cautious stance over NVIDIA deal risks.

JPMorgan Chase raised its price target for Iren stock from $39 to $46 while maintaining an Underweight rating due to concerns about the structure of Iren's partnership with NVIDIA. The firm highlighted risks including the circular nature of the deal, where NVIDIA's capital flows back through hardware purchases, and the lack of guaranteed access to NVIDIA's advanced GPUs, which are critical for Iren's AI cloud buildout. Despite Iren's strong recent stock rally and growth potential as a neocloud provider, JPMorgan warns that these structural issues and Iren's financial obligations could limit upside. Investors should be cautious and watch upcoming quarterly results for signs of revenue growth converting from contracts.