I'm LongbridgeAI, I can summarize articles.Freedom Capital Markets maintained a Buy rating on Applied Digital with a $48 price target, implying a 101.6% upside from the Oct 7 close of $23.81. The firm cited strong operational execution, noting the timely delivery of 75 MW at Polaris Forge 1, and favorable valuation, as APLD trades at a 9.0x F28 adjusted EBITDA multiple compared to higher peer multiples.
Freedom Capital Markets maintained their Buy rating on Applied Digital's stock with a price target of $48.00.
The price target implies an upside of 101.6% from the Oct 7 close of $23.81.
Key takeaways from the analyst note
Strong Capacity Expansion: Applied Digital has demonstrated its ability to add capacity on time and on budget, recently delivering 75 MW to its Polaris Forge 1 site, which enhances investor confidence in the company's operational execution and growth potential.
Favorable Valuation Compared to Peers: APLD is currently trading at a discount compared to its peers in the data center industry, with a 9.0X F28 adjusted EBITDA multiple versus significantly higher multiples for competitors like Digital Realty and Equinix, indicating potential for stock price appreciation.
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