IREN Ltd's stock surged 5.06% intraday on Wednesday, as investors flocked to the company ahead of its highly anticipated earnings release. The rally was fueled by growing analyst optimism surrounding the company's prospects.
In a recent research note, B. Riley analyst John Smith raised his price target on IREN to $19 from $16, citing strong fundamentals and reaffirming a Buy rating on the stock. According to analysts polled by FactSet, IREN has an average rating of Buy and a mean price target of $20.82, suggesting further upside potential.
Options traders are also positioning for a significant move in IREN's share price following the earnings announcement. Data from the options market indicates that implied volatility for IREN options is elevated, implying the market is anticipating a move near 11.4% in the share price post-earnings.
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