IREN - Iris Energy upped to Buy at Compass Point calling it 'best-in-class' bitcoin miner

• Iris Energy ( NASDAQ: IREN ) stock wrapped up Wednesday's session 5.2% higher after Compass Point upgraded the Australian bitcoin ( BTC-USD ) miner to Buy from Neutral, as its hash rate growth climbs ahead of schedule.
• While a number of other miners in the emerging space have struggled to meet their hash rate targets or operate at full capacity, "we think IREN has demonstrated its ability to execute is best-in-class," according to a note written to clients.
• That's because in its most recent earnings call , IREN management said operations at its Prince George facility were energized prior to the call, suggesting that it's on track to exceed its target of 3.7 exahash per second by the end of fiscal Q4.
• Compass Point believes IREN could "increase its contracted hash rate through a deal similar to the one executed in August with vendor Bitmain to secure additional hash rate at a low cost," it said.
• The Buy rating compares with the average Wall Street Analyst rating of Strong Buy (5 Strong Buy, 1 Buy, 1 Hold).
• Earlier this week, (Sep. 13) Iris Energy report FY results .

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