Applied Digital (APLD) stock has surged 540% over the past year and 88% so far this year as investors grow more bullish on the company’s expanding AI data center business and rising hyperscaler demand. The latest boost came after Applied signed another major 15-year lease agreement at its Polaris Forge 3 campus, prompting several Wall Street analysts to raise their price targets on the stock. However, despite the strong rally, analysts still see meaningful upside ahead for APLD shares. Here’s what they currently expect for APLD stock.
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High conviction on APLD? Try Tradr's APLX or APLZLatest Analysts’ Views on APLD Stock
On Wall Street, analysts raised their price targets on APLD stock.
Most recently, Compass Point analyst Michael Donovan raised his price target on Applied stock to $70 from $45 while maintaining a Buy rating. Donovan said the most important part of the latest deal was that the same hyperscaler customer returned for more capacity less than a month after signing the Delta Forge 1 agreement.
The analyst believes the repeat business strengthens confidence in Applied Digital’s ability to handle large AI infrastructure projects as AI demand keeps rising. Donovan also pointed to the company’s growing customer base, which now includes CoreWeave (CRWV), Oracle (ORCL), and the unnamed high-grade hyperscaler behind both Delta Forge 1 and Polaris Forge 3.
At the same time, Citizens analyst Gregory P Miller raised its price target on Applied Digital to $60 from $40 while maintaining an Outperform rating. The firm said the latest 300MW deal further strengthens Applied Digital’s position in the AI infrastructure market and improves visibility into future revenue growth.
Meanwhile, Needham analyst John Todaro raised his price target to $66 from $51 and reiterated a Buy rating. Todaro said he was surprised by how quickly the customer signed another large lease and noted that Applied Digital is already marketing more sites to the same hyperscaler.
The analyst also said the company remains in talks with major hyperscalers and Nvidia (NVDA) for future projects. In addition, Todaro believes Base Electron could help expand Applied Digital’s long-term power capacity, creating more room for future AI data center expansion.
Who Are the Best Analysts Covering APLD Stock?
Currently, Craig-Hallum’s five-star-rated analyst George Sutton is the most accurate analyst covering APLD over one year. He has a 100% success rate and an average return of 165.48% per trade in the last one year. On TipRanks, Sutton ranks #128 among more than 12,000 tracked analysts.
Sutton maintained a Buy rating and raised his price target on Applied stock to $51 from $46. Sutton noted that the company’s marketed capacity has now expanded to 1.7 GW, up sharply from the previously discussed 700 MW level, reflecting the strong demand environment for AI infrastructure.
The analyst said the quick return of the same hyperscaler customer highlights Applied Digital’s ability to secure additional large leases even as supply constraints across the AI data center market continue to tighten.
Is APLD a Good Stock to Buy?
Given a solid demand backdrop, Wall Street has a Strong Buy consensus rating on Applied Digital stock based on eight Buys. The average APLD stock price target of $58.29 indicates 27% upside risk from current levels.
