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Applied Digital price target raised to $12 from $7 at H.C. Wainwright

H.C. Wainwright earlier today raised the firm’s price target on Applied Digital (APLD) to $12 from $7 and keeps a Buy rating on the shares after the company yesterday announced a 15-year, $7B deal with CoreWeave (CRWV). The deal alters the complexion of Applied Digital ‘s 2026 revenue ramp as the first CoreWeave 100MW should be online by the end of 2025, with an additional 150MW to launch midway through 2026, the analyst tells investors in a research note. H.C. Wainwright says that with institutional support, clear progress made at the Ellendale site, and strong artificial intelligence-driven demand, it reiterates a Buy rating on Applied Digital.

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