Iren is poised to punch back into the green on its recent deal with Nvidia, according to JPMorgan. The investment bank double upgraded the artificial intelligence infrastructure stock to overweight from underweight. It also raised its price target on shares to $65 from $46, implying 48% upside from Friday’s close. “We see IREN establishing itself as a top tier neocloud provider, backed by its strategic partnership with NVIDIA,” analyst Richard Choe said Monday in a note to clients. “The company has gained momentum in signing customers and industry pricing has moved up substantially.” Iren is a bitcoin miner-turned-data center operator that has strived to clean up its balance sheet over the past few years. But it’s stock has fallen nearly 27% over the past three months, largely due to doubts about its large capital expenditures into AI infrastructure. IREN 3M mountain IREN has fallen 27% over the past three months. Still, JPMorgan thinks the firm’s fortunes could soon take a turn for the better. Iren said in May that it had struck a five-year AI cloud deal valued at more than $3 billion with Nvidia , which the bank thinks should catapult shares higher. Iren’s neocloud contracts are now valued at $15 to $20 per watt or higher, depending on their duration and the extent of graphics processing unit generation, among other factors, per JPMorgan. Previously, its agreements were priced between $10 and $15 per watt. Given those lucrative deals, investors should shrug off any concerns about the company’s capital expenditures, Choe added. “While the company has laid out its plans to spend $25-30b of capex in FY27, along with substantial increases in opex, we believe the company’s ~0.5 GW expansion in 2027 could be signed at materially higher prices than past deals in the $12-15/W range,” Choe wrote. “Any contracts above $15/W would be highly accretive to financials.” JPMorgan’s call falls in line with consensus on Wall Street. Of the 17 analysts covering IREN, 14 have a buy or strong buy rating on the stock, LSEG data shows.