Needham analyst John Todaro raised the firm’s price target on Applied Digital (APLD) to $41 from $21 and keeps a Buy rating on the shares. The company reported stronger than expected top-line results, and all eyes now turn to Polaris Forge 2, where a lease with an IG hyperscaler is upcoming, the analyst tells investors in a research note. Needham adds that it has increasing confidence in Applied’s pipeline, with the management believing that over the next 3-5 years, PF-1 and PF-2 can scale to 1GW each and up to 4GW of long-term potential capacity.
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