Lake Street raised the firm’s price target on Applied Digital to $11 from $7 and keeps a Buy rating on the shares. In a quarter with both the Bitcoin hosting and AI Cloud businesses running near full capacity, Q1 results were better than expected, the analyst tells investors. The large pending hyperscaler contract appears to be near signing, and the firm is “optimistic” this lease contract can move forward quickly, adding that it believes EBITDA at an annualized $80M rate “will go a long way toward rebuilding management credibility after a tough start to CY24.”
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