IREN shares fell 42.97% in one month to $26.62, just above their 52-week low of $26.55, as earnings expectations shrank; the December-quarter EPS estimate dropped from 0.085 to -1.34 in 30 days. Last quarter's revenue of $137.2M missed the $140.75M consensus, and the net loss of $684M included a $450.4M impairment on retired mining hardware. Analysts' average target of $77.81 implies 192.3% upside across 20 analysts, with Bernstein's $100.00 the highest and Northland and Cantor Fitzgerald at $99.00. Bulls point to a 5GW power portfolio, $9.7B and $3.4B contracts with Microsoft and NVIDIA, and a $4B ARR target to be operating by year end. The article says the December quarter, when Horizons 2 through 4 for Microsoft are due and mining winds down, will test that case.
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