Applied Digital Price Target Raised to $66 as Hyperscale Contracts and HPC Pipeline Drive Long-Term Growth Outlook

Needham analyst John Todaro reiterated a Buy rating on Applied Digital Corporation today and set a price target of $66.00.

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John Todaro has given his Buy rating due to a combination of factors, primarily the rapid expansion of Applied Digital’s long‑term contracted capacity with a key hyperscale client. The newly secured 300MW Polaris Forge 3 lease, mirroring the economics and 15‑year duration of Delta Forge 1, meaningfully boosts contracted revenue potential and showcases strong customer demand velocity.

He also highlights that the company’s total portfolio has grown to 1.7GW, with a sizable 1.3GW pipeline and active engagement with major hyperscalers and Nvidia, underpinning visibility into future growth. In addition, the potential contribution from the Base Electron project and the increasing share of high‑performance computing economics justify raising the price target to $66, reinforcing the constructive outlook on APLD’s shares.

According to TipRanks, Todaro is a top 100 analyst with an average return of 65.4% and a 64.88% success rate. Todaro covers the Financial sector, focusing on stocks such as TeraWulf Inc, MARA Holdings, and Streamex.

In another report released today, Citizens JMP also maintained a Buy rating on the stock with a $60.00 price target.