Applied Digital jumps as Needham ups price target after AI lease deal
Applied Digital shares surged over 12% in premarket trading after Needham raised its price target to $83 from $56, maintaining a Buy rating. This adjustment followed the company's signing of a long-term lease for its Delta Forge 2 AI data center with a U.S.-based investment-grade hyperscaler. Analyst John Todaro cited confidence in APLD's ability to secure new sites and achieve pricing improvements with additional hyperscalers.
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