Analysts trim Microsoft-linked crypto stock's target despite AI push

BTC

WHEN

Iren Limited (Nasdaq: IREN) is a popular Bitcoin (BTC) mining company that has been gradually expanding its artificial intelligence (AI) operations.

While Bitcoin mining was once a profitable business, a number of factors such as rising energy prices, higher difficulty levels, lower rewards, and the Bitcoin crash have made it difficult for miners to continue operations.

Most Bitcoin miners like Iren have found it both convenient and lucrative to pivot to AI operations because of their ready data infrastructure.

In fact, the company signed a $9.7 billion agreement with Microsoft (Nasdaq: MSFT) in November 2025 to deliver NVIDIA (Nasdaq: NVDA) GB300s-powered cloud infrastructure.

However, a leading group of analysts has now cut the IREN stock price target.

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Bernstein analysts cut IREN's price target

Bernstein analysts have trimmed their price target on the IREN stock by 20% from $125 to $100, Investing.com reported on Apr. 27.

However, they still chose it as the top pick among AI-focused Bitcoin mining companies and highlighted its rapid pivot toward an AI cloud provider.

The analysts argued their decision to lower the stock price target isn't related to IREN's AI prospects.

Instead, it's the company's scaling back of Bitcoin mining operations and an increase in shares outstanding from recent equity issuances that have led to the analysts trimming their target.

Bernstein analysts expect IREN's AI cloud revenue to hit $2.6 billion in 2027 and $6 billion by 2030, when the company expects to operate a fleet of 275,000 GPUs, in contrast to only 150,000 currently.

As far as the Bitcoin mining revenue is concerned, the analysts expect it to plunge in the coming years before it hits zero in the fiscal year 2030. In fact, they expect IREN to fully wind down mining operations in the coming years.

Despite the ups and downs, the IREN stock is up 17% this year. It was trading at $43.21 at press time, down 2.77% in a day.

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