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Applied Digital initiated with an Outperform at Citizens JMP

Citizens JMP analyst Greg Miller initiated coverage of Applied Digital (APLD) with an Outperform rating and $12 price target With the ability to leverage existing deployments of low-cost and high-density power configurations currently present for bitcoin mining or hosting, the bitcoin power companies are “uniquely situated to provide additional space and power for data centers,” the analyst tells investors in a research note. The firm says that while Applied Digital has higher risk and is controversial, selling out of capacity could hypothetically result in a stock price of $30.00 per share for the high performance computing business alone – realized over the long term.

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