Needham analyst John Todaro raised the firm’s price target on Applied Digital to $17.50 from $16 and keeps a Buy rating on the shares after its Q4 results and guidance. The firm states that it has “growing confidence” that Applied Digital can deliver on its first contract with Character AI and its second in a time-frame that is earlier than the Street expects, expecting its AI revenue to ramp through April 2024 as GPUs are delivered.
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