Needham lowered the firm’s price target on Applied Digital (APLD) to $13 from $16 and keeps a Buy rating on the shares. The firm is adjusting its FY24 and FY25 revenue and EBITDA estimates after the company entered into an agreement to sell its 200MW Garden City, TX site to Marathon Digital (MARA). The sale increases the uncertainty and execution risk around Applied Digita’ HPC and Cloud compute segment, the analyst tells investors in a research note.
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