Wall Street Analysts React to IREN's Q4 Earnings Miss and Bitcoin Mining Outlook

Iris Energy (IREN) reported a Q4 earnings miss, with revenue of $44.6M falling short of the $49.1M estimate. Despite this, adjusted EBITDA beat expectations. Wall Street analysts have issued mixed reactions. JPMorgan maintains an Overweight rating, highlighting IREN's strong operational execution and growth potential, raising its price target to $11. Cantor Fitzgerald also remains Overweight, citing the company's robust balance sheet and industry-leading power costs as key advantages. Conversely, Compass Point downgraded IREN to Neutral, expressing caution due to the earnings miss and concerns over future profitability amid the upcoming Bitcoin halving event. The company increased its operational hashrate to 7.3 EH/s and remains on track to reach 10 EH/s in early 2024.