JPMorgan analyst Richard Choe double-upgraded IREN Ltd., formerly Iris Energy, from Underweight to Overweight and raised its price target to $65 from $46. The new target is 48% above Friday’s close and represents a 41% increase from the previous target. JPMorgan said IREN is establishing itself as a top-tier neocloud provider through its strategic NVIDIA partnership, growing customer base and higher AI-compute pricing. A recent account valued the NVIDIA agreement at more than $3 billion over five years, while the existing record described the deal as worth $5.5 billion. IREN, a Bitcoin miner turned data-center operator, has been converting its infrastructure for AI workloads while working to improve its balance sheet. Shares have fallen nearly 27% over the past three months amid concerns about capital spending, but JPMorgan said contracts priced above $15 per watt could make the planned expansion financially accretive. Pricing has risen to $15-$20 or more per watt from $10-$15 previously. IREN has forecast $4 billion in calendar 2026 annual recurring revenue, up from $3.4 billion, and plans to expand by roughly 0.5 gigawatts in 2027. LSEG data cited in the latest account showed 14 of 17 analysts with Buy or Strong Buy ratings, while earlier market snapshots in the existing record gave different consensus counts and target ranges.