Hot-handed bitcoin miner turned AI infrastructure larks IREN (IREN) continues to person large upside, according to Wall Street brokerage Cantor Fitzgerald.

"Over the past respective months, IREN has heavy leaned into its AI Cloud Services segment," wrote expert Brett Knoblauch. "This is simply a concern that we judge volition yet intimately lucifer that of CoreWeave (CRWV)."

"While shares person done good implicit the anticipation that IREN volition wholly absorption connected its GPU cloud," Knoblauch continued, "we proceed to judge determination is much country to run."

Knoblauch further noted that connected a contracted megawatt basis, IREN is trading astatine astir a 75% discount to its neocloud adjacent group. A discount is surely warranted fixed gross backlog disparity, helium said, but the spread should adjacent implicit time, "resulting successful a worldly re-rating connected IREN shares."

Knoblauch much than doubled his complaint people to $100 from $49, suggesting 56% upside from past night's adjacent of $64.14. The banal is higher by 513% since starting the twelvemonth conscionable supra $10.

IREN is up marginally successful premarket enactment to $64.50.