Needham analyst John Todaro lowered the firm’s price target on Applied Digital (APLD) to $10 from $11 and keeps a Buy rating on the shares. The company’s Q3 results were softer than expected vs. the firm’s estimates as a “technical difficulty” weighed on the Cloud Services segment, which Applied Digital plans to sell off, the analyst tells investors in a research note. The firm adds however that during its follow-up call, Applied Digital management cited prior guardrails for $1M EBITDA per MW as conservative and commented on better lease economic expectations since 2024.
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