IREN Ltd. (NASDAQ:IREN) Shares Rise 11.43% on TSMC's Increased Budget Announcement
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 14h ago
0mins
Source: Yahoo Finance
- Stock Rebound: IREN Ltd. shares rose 11.43% on Friday to close at $57.82, ending two days of losses, reflecting investor optimism regarding increased spending from one of the world's largest semiconductor manufacturers.
- TSMC Budget Increase: Taiwan Semiconductor Manufacturing Company announced a budget increase of 33% to 37% this year, ranging from $52 billion to $56 billion, significantly up from last year's $38 billion to $42 billion, indicating strong demand expectations for semiconductors.
- Strong Earnings Impact: TSMC reported a 35% year-on-year increase in net income to NT$505.7 billion and a 20.5% rise in net sales to NT$1.046 trillion, further boosting confidence in companies reliant on its GPUs.
- Bullish Investment Ratings: IREN Ltd. recently received “buy” recommendations from HC Wainwright and Bernstein, with HC Wainwright setting a price target of $80, indicating a 38% upside potential, while Bernstein lowered its target to $75, still reflecting a 30% upside.
Analyst Views on IREN
Wall Street analysts forecast IREN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for IREN is 83.45 USD with a low forecast of 28.00 USD and a high forecast of 136.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
13 Analyst Rating
9 Buy
2 Hold
2 Sell
Moderate Buy
Current: 51.890
Low
28.00
Averages
83.45
High
136.00
Current: 51.890
Low
28.00
Averages
83.45
High
136.00
About IREN
IREN Limited is an Australia-based company, which owns and operates data centers powered by 100% renewable energy. Its facilities are optimized for Bitcoin mining, artificial intelligence (AI) cloud services, and other power-dense compute. Its data center mining facilities are in Canal Flats, Mackenzie, Prince George and Childress. Bitcoin Mining provides security to the Bitcoin network. Al Cloud Services provides cloud compute to Al customers, approximately 1,896 NVIDIA H100 and H200 GPUs. Its Canal Flats facility is in the Canadian Rockies, 100 kilometers (km) from Cranbrook regional airport and 500km east of Vancouver. Its facility is in Prince George, the city in northern British Columbia, located 500 km north of Vancouver. Its facility is located in Childress County, Texas, over 250 miles northwest of Dallas and in close proximity to multiple wind and solar generating facilities in the region. Its Childress operations comprise 200 Mega Watt of operating data centers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
