Citizens JMP lowered the firm’s price target on Applied Digital (APLD) to $35 from $40 and keeps an Outperform rating on the shares. Applied Digital’s Q1 results were ahead of expectations given a one-time revenue contribution, though the results have little, if any, impact on the company’s valuation, which is now almost entirely based on its existing and future leasing activity to AI-focused hyperscale customers, the analyst tells investors in a research note.
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:
- Applied Digital says in advanced talks regarding lease for Polaris Forge 2
- Applied Digital Reports Strong Revenue Growth Amid Challenges
- Closing Bell Movers: Levi Strauss down 8% after results
- Applied Digital Secures $112.5M for AI Partnership
- Applied Digital reports Q1 adjusted EPS (3c), consensus (16c)