On October 30, B. Riley cut its IREN price target to $64 from $91 but kept its Buy rating, implying 161% upside from $24.51. The stock is down 68% from its November 2025 high, weighed by a weak fiscal fourth quarter, worries about what neoclouds pay to borrow, and Microsoft's lower-than-expected capital spending. June-quarter revenue fell to $137.2 million from $187.3 million a year earlier as IREN shifted from Bitcoin mining to AI cloud, while analysts expect fiscal 2027 revenue to jump 297% to $2.81 billion. Management guided fiscal 2027 capex of $25 billion to $30 billion, and shares outstanding rose 48% in fiscal 2026, so funding the build without many more shares is the key risk; the Nov. 5 report is the next test.
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