Bitcoin Miner Iris Energy Has More Than 100% Upside, JPMorgan Analyst Says

Bitcoin Miner Iris Energy Has More Than 100% Upside, JPMorgan Analyst Says
The shares of Iris Energy (IREN), a Sydney-based company that mines bitcoin primarily with renewable energy, has the potential to rise more than 100% in the next 12 months, JPMorgan analysts led by Reginald Smith wrote.Iris Energy is “a cheap way to play the digital gold rush,” said JPMorgan’s analysts, citing a “deep discount” for its shares versus other crypto miners.“We think IREN is an attractive and efficient way to gain long exposure to bitcoin prices and sentiment and are initiating coverage with an overweight rating and $30 December 2022 price target,” the analysts wrote.The shares of Iris Energy closed…