Data center operator IREN leaps after raising annual revenue target
BUZZ-Data center operator IREN leaps after raising annual revenue target ** Data center operator IREN Ltd IREN.O shares leap 19% to $40 on Mon after boosting 2026 revenue target
** IREN shares snapping 7-day losing streak and tracking biggest daily pct gain since Nov 2024
** Neocloud firm early Mon raised annualized run-rate revenue (ARR) target to more than $4 bln from $3.7 bln following signing $2.8 bln in new multiyear contracts
** About 85% of year-end AI cloud ARR is under contract, co said, and that it had approx $7.6 bln in cash at end-Jun
** In May, co announced $2.1 bln investment by Nvidia NVDA.O as part of broader AI partnership between the two firms
** Last year, IREN inked a $9.7 bln cloud deal with Microsoft MSFT.O
** With the advance, IREN shares up ~6% YTD vs Nasdaq's .IXIC ~10.5% advance
** Avg rating of 16 analysts is "buy"; median PT $80, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))
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