Capital market firm B. Riley Securities has reiterated its buy rating for IREN stock with a higher price target. The firm revised its price prediction on Wednesday after the stock popped 13.5% in the day’s trading session. While the previous forecast was at $83, the analysts wrote in a note to clients that the leading energy company is on its way to the $88 level.
B. Riley Securities wrote in the note that investors could make nearly 30% returns in IREN stock. The equity is currently trading in the $67 range and could further scale up by $21. Therefore, an investment of $1,000 could turn into $1,300 if the price prediction turns out to be accurate. That’s approximately 30% from its current level, with the potential to generate double-digit gains.
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IREN Stock Has a Phenomenal Bull Run in May
IREN stock popped on Wednesday, surging nearly 13.5% and rising more than 8 points in the day trade. In a month alone, the leading energy equity is up a whopping 52% in the indices. Traders who took an entry position early this year have made massive profits as prices surged unprecedentedly. This makes the equity remain on the must-watch list as it is primed for an upward trajectory.
The recent deal with Dell worth $1.6 billion is what pushed IREN stock up double-digits in the indices. IREN has agreed to purchase Blackwell systems from Dell that feature Nvidia’s high-performance graphics processing units (GPUs) to be deployed at its existing data centers in Childress, Texas.
Another deal in early May with Nvidia worth $2.1 billion to deploy 5 gigawatts for AI infrastructure pushed IREN stock up in the charts this month. Whenever the energy firm is signing partnerships with tech giants, its stock is surging double-digit. Energy for data centers remains in heavy demand with only a few companies supplying it.
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