IREN Ltd is trading 4.2% up at $60.54 in pre-market action. - Jefferies initiated coverage today with a Buy rating and a $79.00 price target, highlighting the company's strong position in AI infrastructure. - This follows significant momentum from a multibillion-dollar Microsoft GPU cloud contract and an Nvidia-backed AI build-out. - Analysts continue to view the company as undervalued compared to traditional bitcoin-mining peers due to its high-performance computing (HPC) capabilities.