Cantor cuts IREN price target to $47 from $99 as Microsoft deployment slips William Foxley Mon, November 9, 2026 at 10:01 AM EST 2 min read IREN +0.25% MSFT +1.69% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Cantor Fitzgerald cut its price target on IREN (NASDAQ: IREN) to $47 from $99 on Friday, retaining its Overweight rating. The firm lowered its adjusted EBITDA estimates for calendar 2028 and reduced its target multiple from 7.5 times to 6.5 times.
The 52.5% cut still implied 160.7% upside from IREN's Thursday close of $18.03, the reference price for the update. Shares closed Friday at $21.64, up 20%.
Analyst Brett Knoblauch pointed to quarterly results that beat expectations, set against a later operational start for more than $4 billion of contracted annualized run-rate revenue following network upgrades sought by Microsoft and supplier delays. IREN reported September-quarter revenue of $228 million, up 66% sequentially. AI Cloud revenue rose 182% to $200 million, and adjusted EBITDA came in at $66 million.
Stay ahead of AI infrastructure deals. Get Blockspace in your inbox.
IREN moved its target for the full ARR program, 0.3 GW of IT capacity, from year-end 2026 to January 31, 2027, with a possible extension to the end of February. Co-CEO Daniel Roberts said on the earnings call that Microsoft requested network changes after the August handover of Horizon 1 so the full 200 MW of critical IT load could serve the latest frontier models. The Microsoft contract, worth about $9.7 billion over five years, covers NVIDIA GB300 GPUs across four Horizon phases at Childress, Texas.
CFO Anthony Lewis said IREN exited September with $1 billion of operating ARR and guided to little revenue from the new capacity in the December quarter.
"We do not expect material revenue contribution from incremental Horizon and McKenzie capacity, most of which will arrive late in December or early calendar year 2027," Lewis said. He expects cash operating expense to rise by about $50 million to $60 million sequentially.
Macquarie lowered its target to $55 from $90 on Saturday, retaining Outperform. The 38.9% cut implies 154.2% upside from Friday's close. BTIG trimmed its target to $65 from $80 with a Buy rating on shifted revenue timing, while Goldman Sachs reiterated Neutral with a $30 target.
Stay ahead of AI infrastructure deals. Get Blockspace in your inbox.
IREN also reduced its fiscal 2027 capex plan, leaving about $15 billion remaining from September 30. It has identified $9 billion of cash, committed GPU financing and prepayments, and is targeting another $6 billion. Roberts said the reduction was "purely and simply financial markets in the current state" and added that "we're not going to grow at all costs."
