# Three Firms Cut IREN Price Targets After AI Cloud Revenue Jumps By Enna Lee Canonical URL: https://www.tokenpost.com/news/investing/52343 Published: 2026-11-09T13:56:52.000Z Updated: 2026-11-09T13:56:52.000Z Section: Investing > Cantor Fitzgerald lowered its target to $47, Macquarie to $55 and HC Wainwright to $56. All three kept their existing ratings. Cantor Fitzgerald, Macquarie and HC Wainwright lowered their price targets for IREN after its AI Cloud revenue jumped, extending a series of analyst revisions following the company’s latest quarterly results. Cantor Fitzgerald cut its target to $47 from $99 and kept an Overweight rating. Macquarie lowered its target to $55 from $90 while retaining Outperform. HC Wainwright reduced its target to $56 from $74 and maintained Buy. Cantor Fitzgerald also lowered its estimate for IREN’s 2028 adjusted earnings before interest, taxes, depreciation and amortization, along with the valuation multiple used to set its target. The three firms’ new targets follow [Goldman Sachs’ Nov. 6 cut to $30 from $50](). Goldman Sachs kept a Neutral rating. IREN generated $228 million in revenue in its fiscal first quarter of 2027, a 66% increase from the previous quarter. AI Cloud revenue rose 182% to $200 million, accounting for most of the quarter’s total. The segment’s gross margin was 86%. The company’s disclosed revenue backlog grew 22% from the previous quarter to $20.3 billion. About two-thirds of that backlog involves investment-grade counterparties. IREN has been expanding beyond Bitcoin (BTC) mining into AI Cloud and data-center services, making the pace of that expansion central to its results. IREN’s target of more than $4 billion in annualized run-rate revenue is fully contracted and funded. That target measures revenue at an annual pace rather than revenue already earned. The company has moved some work under its five-year Microsoft project into early 2027 after Microsoft requested changes to the network. The project is valued at about $9.7 billion. ## Links in this article - [Goldman Sachs’ Nov. 6 cut to $30 from $50](https://www.tokenpost.com/news/investing/51513)