Jones Trading Starts Applied Digital (APLD) at Buy

Jones Trading analyst Kevin Dede initiates coverage on Applied Digital (NASDAQ: APLD) with a Buy rating and a price target of $70.00.

The analyst comments: “Headquartered in Dallas, TX, and founded in 2021, Applied Digital began building highperformance compute datacenters to address Bitcoin mining and landed MARA Holdings (MARA; Buy) as its primary tenant—Applied serves 280MW to MARA to this day. In recognizing the opportunity for longer duration, transparent returns on contracted power serving the artificial intelligence build surge post the 2022 ChatGPT launch, Applied swiveled to build to tier 3-4 standards. Given demonstrated execution on an unparalleled level, and a string of investment grade customers, we are launching coverage with a Buy rating and $70 price target.”

For an analyst ratings summary and ratings history on Applied Digital click here. For more ratings news on Applied Digital click here.

Shares of Applied Digital closed at $26.25 yesterday.

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