Could IREN Actually Climb 117%? Or Is Cantor Fitzgerald Totally Wrong? Wiltone Asuncion Mon, November 9, 2026 at 4:06 PM EST 4 min read IREN +0.09% MSFT +2.75% 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.
IREN stock is down 72% from its peak a year ago, and Cantor Fitzgerald cut its price target to $47 from $99 on Nov. 6 while keeping an Overweight rating.
IREN moved its target for more than $4 billion of annualized revenue to January, and possibly February, after Microsoft asked for a design change and suppliers ran late.
Analysts expect revenue to nearly quadruple to $2.8 billion in fiscal 2027, but their loss estimate for that year has widened to $3.42 a share from $0.94 three months ago.
Cantor's $47 works out to 6.6x forward sales, above IREN's 3-year average of 5.2x. With losses widening and $6 billion of the build still to be funded, it looks more like a two-year target than a one-year one.
IREN (IREN:NASDAQ) has lost 72% since its peak a year ago, and Cantor Fitzgerald still sees it more than doubling.
On Nov. 6, Cantor analyst Brett Knoblauch cut his price target to $47 from $99 and kept an Overweight rating. That's 117% above the Nov. 6 close of $21.64, even after the stock jumped 20.02% that day on its first-quarter report.
On Nov. 4, The Information reported, citing unnamed sources, that Microsoft (MSFT:NASDAQ) pushed back AI spending in the September quarter because of delays at IREN's Childress, Texas site.
IREN's first-quarter report the next day confirmed the slip. "The more than $4 billion of contracted ARR is funded and now targeted for January, after a customer-requested design change and supplier timing moved it from year-end; it may extend to the end of February," co-CEO Daniel Roberts said in the release. On the call, he named Microsoft as the customer that asked for the change.
Cantor cut its calendar 2028 adjusted EBITDA estimates and the multiple it puts on them.
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The Street was more hopeful going into the report. Its average target was about $75 before the report, up from $63 a year earlier:
Cantor's $47 sits 38% below that average, and Cantor wasn't alone. The same day, Goldman Sachs cut its target to $30 from $50 and kept a Neutral rating, while BTIG lowered its target to $65 from $80.
Analysts expect revenue to nearly quadruple to $2.8 billion in fiscal 2027 (the year to June 2027) and reach $7.4 billion in fiscal 2028:
But CFO Anthony Lewis said IREN doesn't expect material revenue from its new Horizon and Mackenzie capacity in the December quarter. That leaves the fiscal 2027 revenue estimate at risk. The consensus loss for that year has already widened to $3.42 a share from $0.94 three months ago (from just four analysts).
IREN traded at 3.1x forward sales at the Nov. 2 close, below its 3-year average of 5.2x and far from the 17x it hit a year ago:
Cantor's $47 works out to 6.6x the sales analysts expect over the next twelve months, above that 3-year average.
IREN plans $15 billion more capex for the rest of fiscal 2027, with $9 billion of cash and committed funding against it. Roberts said "capital markets have become more selective in the last few weeks," and IREN's share count rose nearly 48% in fiscal 2026.
Cantor has a point: the cloud business is growing fast. But until IREN shows it can fund the other $6 billion without issuing a lot more stock, $47 looks more like a two-year target than a one-year one.
If Microsoft signs off on Horizons 2 to 4 in January and IREN closes a loan against its data centers, that timeline gets shorter.
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