Iren has been hit too hard this year, and it’s time to buy it, according to JPMorgan. Analyst Reginald Smith upgraded the bitcoin miner to overweight from neutral. He trimmed his price target to $12 from $15, though the new forecast still signals 70% upside ahead. The stock has plunged 28.3% in 2025, as bitcoin and the broader crypto space has struggled amid policy uncertainty from the Trump administration. Crypto and stocks tied to it initially rallied after Donald Trump secured a second presidential term in November. IREN YTD mountain Iren shares in 2025 Despite the pullback Smith continues “to view Iren as the lowest-cost publicly traded bitcoin miner,” he wrote in a research note on Thursday. “We rate shares Overweight, as shares have been overly punished YTD, and think this makes for an attractive entry point to gain exposure to a low cost operator with HPC optionality,” the analyst added. “IREN builds, owns and operates data centers and electrical infrastructure, primarily powered by renewable energy, for the mining of bitcoin and high power computing. IREN is a leading operator (in terms of bitcoin mining production) with attractive power contracts and fleet efficiency,” he said. Shares ticked up around 2% Thursday before the bell following the upgrade. The stock isn’t widely covered, but the majority of those who do are bullish on it. LSEG data shows that 10 of 12 analysts rate Iren as a buy or strong buy. The average price target also points to a whopping 221% upside.
