Applied Digital (APLD) reported Q1 revenue of $341.9M, up 322.5% YoY, beating estimates despite a share price drop. Analysts remain constructive on its AI data center growth. Wells Fargo raised its price target to $55, citing on-track execution for 1.4GW capacity and expected new leases at higher rates. Needham noted the beat was modest, driven by one-time services. Craig-Hallum maintained a Buy rating with a $79 target, praising the company's standardized development approach and growing pipeline.