Bond.az - Needham has raised its price target on Applied Digital (NASDAQ:APLD) to $66 from $51 while maintaining a Buy rating, following the announcement of a new data center lease. The stock currently trades at $39.52, offering significant upside potential.
Applied Digital announced a 300MW lease at Polaris Forge 3 with a 15-year term, worth approximately $7.5 billion in contracted revenue. The company now boasts 1.7GW total capacity.
Needham cited higher high-performance computing contributions from signed leases and future capacity. Revenue surged 66% in the last twelve months, with analysts expecting continued growth and profitability.
