Iris Energy Ltd (IREN) stock experienced a surge of 5.01% intraday on Wednesday, as analysts at Roth MKM raised their price target on the company's shares.
According to the news, Roth MKM increased their price target on IREN to $25 from $20, while maintaining a Buy rating on the stock. The analysts' decision came after the company's November update, which likely provided positive insights into its business performance.
Analyst price target increases often serve as catalysts for stock price movements, as they reflect favorable expectations and confidence in a company's prospects. In this case, the higher price target from Roth MKM analysts appears to have driven the significant intraday gain for IREN shares.
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