IREN (Iris Energy) (IREN) is trading at $19.96, down 5.63% on the day, after a cluster of broker target cuts following the company’s delayed revenue ramp. The stock is below its short- and medium-t...

IREN shares are trying to digest a sharp reset in expectations after the company’s fiscal first-quarter 2027 update and a fresh wave of analyst revisions. On November 10, Investing.com reported the stock fell 3.3% intraday to $20.71 as CCB Int’l downgraded IREN from outperform to neutral and set a $40 target. That followed the earlier disappointment around IREN’s Q1 FY27 report, where AI Cloud revenue nearly tripled sequentially to $200 million, but the company said its goal of surpassing $4 billion in annual recurring revenue had slipped from year-end 2026 to at least January 2027, and possibly February. CNBC also reported on November 5 that the delay was tied to a customer-requested change and supplier timing, with co-CEO Daniel Roberts identifying Microsoft as the customer. citeturn0search0turn0search4

Broker cuts have continued to compress the stock’s valuation backdrop. On November 9, JPMorgan cut its target to $55 from $65 while keeping an Overweight rating, citing the delay in Horizon 2-4 deliveries to end-January 2027, with possible further slippage into February. Goldman Sachs also cut its target to $30 from $50 and held a Neutral rating, pointing to fiscal first-quarter revenue of $228 million, down 5% year over year, and adjusted EBITDA of $66 million, down 28%. Cantor Fitzgerald cut its target to $47 from $99, also retaining an Overweight rating, after lowering its adjusted EBITDA estimates and target multiple.

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