Applied Digital price target raised to $40 from $20 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Applied Digital (APLD) to $40 from $20 and keeps a Buy rating on the shares. Applied Digital’s Q1 results validated its hyperscale data center capabilities, highlighted by a 15-year, $11B contract with CoreWeave (CRWV) and robust financing from Macquarie and other partners, the analyst tells investors in a research note. With major facilities like Polaris Forge 1 nearing completion, over 4GW of prospective builds in the pipeline, and growing demand for high-performance computing infrastructure, the company is positioned for sustained growth and continued execution strength, the firm adds.