JPMorgan Upgrades AI Stock IREN, Citing Strategic Partnership with Nvidia and Strong Financial Performance
On September 14, JPMorgan analyst Richard Choe upgraded IREN Limited (IREN) from Underweight to Overweight while raising its price target by 41% to $65. This marks the bank's second double-upgrade in AI-related stocks this year after a similar move with Circle Internet Group earlier in 2025 and Lanxess in March 2026. The upgrade is attributed primarily to IREN’s five-year partnership with Nvidia, valued at $3.4 billion over the term plus an additional conditional investment of up to $2.1 billion through a share purchase option. The company also achieved 'Exemplar Cloud' status on Nvidia's GB300 NVL72 system, indicating high infrastructure standards for deploying advanced GPU systems. IREN has seen significant growth in AI cloud services revenue and secured multiple contracts with major players like Microsoft, Cohere, Prometheus, Perplexity, Figure AI, Fal AI, Higgsfield AI, and an undisclosed frontier AI lab. The company's 2026 contracted annualized run-rate revenue guidance was raised to $4 billion, largely sold out for the year.
Topics: AI IREN Stock JPMorgan Analyst Action Nvidia Partnership