B. Riley raised the firm’s price target on Applied Digital (APLD) to $15 from $8 and keeps a Buy rating on the shares. The firm updated estimates and valuation for Applied Digital following Monday’s announcement of two 15-year lease agreements with CoreWeave (CRWV). The firm says that although the shares rose by nearly 50% on Monday, it anticipates further upside potential as CoreWeave’s option for an additional 150 MW of capacity could serve as a catalyst over the next few months. The announcement further affirms Applied’s ability to become a leading provider of high-performance compute infrastructure, contends B. Riley.
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