B. Riley: The Decline in IREN Shares Presents a Buying Opportunity

Positive Assessment for IREN Shares from B. Riley

IREN shares have shown a decline of 47% since their peak on November 5th. This performance is significantly lagging behind other competitors in the mining and high-performance computing (HPC) as well as graphic processing unit (GPU) cloud services sectors. Investment bank B. Riley reiterated its 'buy' recommendation for IREN and set a target price of $74 for the stock.

B. Riley stated that IREN's performance would improve if sentiment towards artificial intelligence (AI) strengthens. The company has a market capitalization of approximately $8.9 billion, while it is reported to have allocated a budget of $11.6 billion for planned HPC infrastructure investments. Additionally, the report indicates that a number of financing tools are still available.