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.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on APLD:
- Can Applied Digital Stock Reach $18? Here’s What This Analyst Expects
- Applied Digital price target raised to $12 from $7 at H.C. Wainwright
- Unusually active option classes on open June 3rd
- Applied Digital price target raised to $12 from $10 at Craig-Hallum
- Strategic Shifts and Major Contract Propel Applied Digital to ‘Buy’ Rating
Looking for a trading platform? Check out TipRanks' Best Online Brokers guide, and find the ideal broker for your trades.
Report an Issue