Applied Digital price target raised to $35 from $18 at Citizens JMP

Citizens JMP raised the firm’s price target on Applied Digital (APLD) to $35 from $18 and keeps an Outperform rating on the shares. Applied Digital secured its initial round of $5B in funding from its private equity partner Macquarie that will now also be used to fund the Polaris 1 project that has been earmarked for CoreWeave (CRWV), Applied’s first and only digital infrastructure customer, the analyst tells investors in a research note. With what appears to be an incremental $50M loan payable October 31, should the company not execute a 200 MW hyperscale lease, another scaled deal is likely imminent, the firm says.