Goldman Sachs keeps IREN at Neutral, cuts price target to $30
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The former Bitcoin miner beat revenue estimates on AI cloud growth, but Goldman is watching financing and execution risk Goldman Sachs is staying on the fence about IREN Ltd . (NASDAQ: IREN), and it just lowered the fence. On November 6, 2026, the bank reaffirmed its Neutral rating on the former Bitcoin miner. It also cut its price target from $50 to $30. That is a 40% haircut on Goldman’s view of fair value, delivered right after a quarter in which IREN beat revenue expectations. Analyst Michael Ng framed the call as a two-sided bet. One side is strong growth in IREN’s artificial intelligence cloud business. The other is the risk that comes with financing and building very large data center projects. The rating followed IREN’s fiscal Q1 2027 earnings.
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