JPMorgan upgrades IREN to overweight, raises price target to $65

JPMorgan upgraded IREN, a Bitcoin miner shifting its business toward AI infrastructure, by two notches to overweight from underweight and raised its price target to $65 from $46. JPMorgan evaluated the move positively, saying IREN is using its existing infrastructure for its AI computing business and that factors including its partnership with Nvidia are favorable.