Shares of IREN Limited (IREN) closed Friday at $24.90, down $0.61, or roughly % on the day, extending a sharp weekly slide that has erased more than 21% of the stock's value over the past five trading days. The stock touched a fresh 52-week low earlier in the week, trading around $25.58 at its weakest point, and has now fallen 46% over the past twelve months.

The selling reflected investor concerns about high borrowing costs across the neocloud sector — providers that lease GPU computing capacity for AI workloads — and the wider technology market, as markets reassessed the expense of financing capital-intensive computing businesses whose spending on data centers and hardware makes them acutely sensitive to the cost of money. IREN's slide has thus become a visible read on how investors are repricing that financing risk. Even so, Wall Street remains broadly bullish on the company. InvestingPro data shows the stock carries a beta of 4.27 — more than four times the market average, a statistical measure of how sharply a stock tends to move relative to the broader market — while its relative strength index (RSI), a momentum gauge watched by technical traders, points to oversold territory, a condition that flags the steepness of the recent selling.

What the Bulls Are Saying

JPMorgan analyst Richard Choe upgraded the stock and raised his price target to $65 from $46, a level that implies roughly 155% upside from current prices. Choe called IREN "a formidable neocloud" company and said it now secures "substantially" better deals for its GPU and power capacity. He also highlighted a shift in AI cloud contract pricing, which has moved from $10 to $15 per watt to a range of $15 to $20 per watt or higher — a metric that scales directly with the revenue a provider can book on each unit of capacity it brings online. Adding to its commercial momentum, IREN has signed a multiyear cloud services deal with Anthropic, the AI developer.

BTIG analyst Gregory Lewis reiterated his Buy rating and his $80 price target, pointing to IREN's 5 gigawatts of potential power capacity. Lewis argued that the company's control of its supply chain is what sets it apart from peers: IREN secures its own land, builds its data centers, locks in power, and buys GPU capacity and hardware.

Why Some Analysts Are Cautious

Jones Trading analyst Kevin Dede rates the stock a Hold. He described several of the company's characteristics as "polarizing," noting that IREN has built a broad customer base, though it includes lower-quality customers.

Rothschild Redburn analyst Alexander Haissl is likewise on the sidelines, with a Neutral rating and a $40 price target. In his assessment, investors have already priced in both IREN's risks and its likely returns.

The Overall Picture

Wall Street rates IREN a Strong Buy, a consensus reflecting eight Buy ratings and two Holds issued over the past three months. The average price target among covering analysts stands at $82.56, which implies approximately 228% upside — a wide gap from where the stock changes hands today. Despite the stock's steep recent slide, InvestingPro's Fair Value analysis likewise lists the shares as undervalued.

That disconnect leaves readers with a concrete set of markers to track: the realized per-watt pricing on new AI cloud contracts that underpins the bull case, the pace at which IREN's 5 gigawatts of potential power capacity is contracted and built out, and the company's progress toward the profitability analysts forecast. Analysts expect the company to post a profit this year, with an EPS forecast of $0.40 for fiscal 2027. In after-hours trading following Friday's close, IREN was little changed at $24.90.