Roth MKM analyst Darren Aftahi lowered the firm’s price target on Applied Digital to $10 from $11 and keeps a Buy rating on the shares. The company’s Q4 Revenue was in line but it’s larger losses were driven by higher GPU depreciation and High Performance Computing costs, the analyst tells investors in a research note. There is some time between when Applied Digital will finish construction of building #1 and when this moves to Ready for Service, though the signing of a formal lease and potential project financing are critical for growth and stock appreciation, the firm added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on APLD:
- 3 Best Stocks to Buy Now, 8/28/2024, According to Top Analysts
- Options Volatility and Implied Earnings Moves This Week, August 26 – August 30, 2024
- APLD Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- 3 Best Stocks to Buy Now, 8/16/2024, According to Top Analysts
- Applied Digital appoints Gary Smith as Senior Director, physical security