Iris Energy Limited

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Bullish +65

Freedom Capital Upgrades IREN Limited (IREN) to Buy

📈 Freedom Capital upgraded IREN Limited (IREN) from Hold to Buy on July 6, 2026, with an unchanged price target of $58.

💰 Analysts forecast revenue exploding from $717M this year to $3.1B in FY27 and $8.5B in FY28.

👤 Kambiz Aghili appointed Chief Product Officer to lead AI Cloud platform strategy and bare metal GPU offerings.

🏗️ Michael Nudelman named Chief Development Officer to manage global data center development and 5GW power portfolio expansion.

🌍 IREN operates a vertically integrated data center business with land banks in Australia and Canada.

📊 Jefferies initiated coverage in June with a Buy rating and $79 price target citing strategic pivot execution.

Bullish Signals
  • Freedom Capital upgraded the stock to Buy, identifying sufficient upside potential as shares have fallen relative to peers.
  • Revenue guidance shows explosive growth trajectory from $717M current year to $3.1B in FY27 and $8.5B in FY28.
  • Strategic hires of Kambiz Aghili and Michael Nudelman strengthen leadership for AI Cloud platform and data center expansion.
  • Jefferies initiated with a Buy rating, praising the company's vertically integrated GPU cloud approach and long-term land bank.
  • Ownership of powered land and data centers provides unique optionality to serve customers from powered shells to full builds.
Full Analysis
Freedom Capital upgraded IREN Limited (NASDAQ:IREN) from Hold to Buy on July 6, 2026, citing a divergence where shares have underperformed peers while maintaining a $58 price target. The firm views the company's narrative as centered on adding supply on schedule over the next two years, forecasting revenue to explode from $717 million this year to $3.1 billion in FY27 and $8.5 billion in FY28. The upgrade follows recent executive appointments aimed at strengthening IREN's AI Cloud platform and data center expansion. Kambiz Aghili was appointed Chief Product Officer to lead the roadmap for bare metal GPU offerings and managed services, joining from Oracle Cloud Infrastructure. Simultaneously, Michael Nudelman joined as Chief Development Officer to oversee global data center development and the expansion of its 5GW secured grid-connected power portfolio. Analyst sentiment remains bullish, with Jefferies initiating coverage in June with a Buy rating and $79 price target. Analysts highlight IREN's vertically integrated approach, which includes owning land and data centers in Australia and Canada, providing unique optionality to serve customers ranging from powered shells to full GPU cloud builds.