Iren Shares Plummet 10% on JPMorgan Downgrade
Iren (IREN 7.32%) shares plummeted by nearly 10% on Friday, following a downgrade by JPMorgan analyst Reginald Smith. The S&P 500 index, however, rose by 0.6% on the same day.
Smith downgraded Iren from 'Neutral' to 'Underweight', reducing his price target from $24 to $16. He cited potential downside risks related to a large-capacity colocation deal and the capital expenditure involved. This change in sentiment comes as Smith expects Iren's future expansion to be challenging.
In the broader context, Smith also upgraded Riot Platforms to 'Overweight' and downgraded CleanSpark to 'Neutral' as part of a wider analysis of Bitcoin mining stocks.
Iren's stock price reacted negatively to the downgrade, losing almost 10% of its value. Despite the broader market's positive performance, indicated by the S&P 500's 0.6% increase, Iren's shares faced significant pressure due to the analyst's revised outlook.
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