Bernstein sets $100 price target for Iren following Nvidia partnership

Following a partnership between Iren (IREN), formerly Iris Energy, and Nvidia, U.S. investment bank Bernstein has set a price target of $100 for the company. According to The Block, this represents a 76% increase from its closing price of $56.85 on May 7. Bernstein called the deal a significant partnership for both companies in technology and capital, adding that the data center market presents an enormous opportunity with considerable room for growth as it is still in its early stages. The bank maintained its outperform rating for Iren.