By William Foxley
Publication Date: 2026-11-09 15:01:00
Cantor Fitzgerald cut its price target on IREN (NASDAQ: IREN) to $47 from $99 on Friday, retaining its Overweight rating. The firm lowered its adjusted EBITDA estimates for calendar 2028 and reduced its target multiple from 7.5 times to 6.5 times.
The 52.5% cut still implied 160.7% upside from IREN’s Thursday close of $18.03, the reference price for the update. Shares closed Friday at $21.64, up 20%.
Analyst Brett Knoblauch pointed to quarterly results that beat expectations, set against a later operational start for more than $4 billion of contracted annualized run-rate revenue following network upgrades sought by Microsoft and supplier delays. IREN reported September-quarter revenue of $228 million, up 66% sequentially. AI Cloud revenue rose 182% to $200 million, and adjusted EBITDA came in at $66 million.
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IREN moved its target for the full ARR program, 0.3 GW of…
