IREN Stock Jumps 5% on Jefferies Buy Rating, June 19

Shares of IREN Limited jumped 5% to $59.96 USD on June 18 after investment bank Jefferies initiated coverage with a buy rating and $79 USD price target. The upgrade reflects Jefferies’ confidence in IREN’s vertically integrated AI cloud infrastructure model and recurring revenue from Microsoft and NVIDIA contracts worth $3.1 billion annually. The stock move follows IREN’s completion of the Nostrum Group acquisition, adding 490 megawatts of secured power capacity in Spain.

Jefferies Sees $79 Price Target

Jefferies initiated coverage with a buy rating and set a $79 USD price target on IREN. This implies 32% upside from the current price. The analyst firm highlighted IREN’s position as a vertically integrated AI cloud provider that builds large-scale data centers and GPU clusters for AI training and inference. With Jefferies rating the stock a buy and the 12-month analyst consensus at $75 USD, the data points to meaningful upside potential.

Wall Street Consensus Remains Positive

Seven of eleven Wall Street analysts rate IREN a buy, three hold, and one sell, according to TipRanks. The average 12-month price target from these analysts stands at $75 USD, suggesting 25% upside from current levels. This consensus reflects broad support for IREN’s AI infrastructure strategy and execution track record.

Nostrum Acquisition Expands European Footprint

IREN completed its acquisition of Spain-based Nostrum Group on June 17, 2026, marking the company’s entry into the European market. The deal adds 490 megawatts of secured, grid-connected power capacity and integrates a team of more than 50 engineers and operators. IREN now holds contracts with Microsoft and NVIDIA that generate $3.1 billion in annual recurring revenue, supported by its expanded infrastructure across multiple geographies.

AI Demand Drives Infrastructure Growth

Analysts cite IREN’s AI cloud strategy as the primary driver of the buy rating. The company provides computing power for large language model training and inference, positioning it to capture demand from major tech firms. Spain’s renewable energy resources and fiber connectivity strengthen IREN’s competitive position in serving European AI workloads.

Final Thoughts

IREN’s 5% gain reflects renewed analyst confidence in its AI infrastructure model and European expansion. With Jefferies targeting $79 USD and Wall Street consensus at $75 USD, the stock shows 25-32% upside potential from current levels.

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