Bernstein analyst Gautam Chhugani reaffirmed a Buy rating and a $100 price target on Iris Energy (IREN), suggesting significant upside from current levels. This forecast followed the company's fiscal Q4 2026 earnings report and a sharp rise in its stock.
The positive outlook stems from IREN's aggressive and profitable transition from Bitcoin mining to an AI cloud infrastructure provider. Chhugani highlighted the company's rapid execution in its cloud business. Cloud business revenues surged 687% to $128.8 million for the full fiscal year. IREN has already sold out its 2026 capacity. The company expects to reach over $4 billion in annual recurring revenue by year-end.