IREN stock has seen a significant rally of nearly 40% in the last month, driven by institutional interest and AI pivot news. Recent analyst upgrades and increased institutional buying, alongside strong positive financial data and a favorable P/E ratio, suggest continued bullish momentum. While the current price is $57.82, fundamental analysis indicates a potential valuation of $53.12, suggesting the stock may be overvalued but with strong growth prospects supporting a bullish outlook towards a target of $70.00, with a failure point below $50.00.