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After Applied Digital Corp (NASDAQ:APLD) reported stronger-than-expected quarterly revenues on after the market closed on Thursday, the focus has shifted to Polaris Forge 2 (PF-2), according to Needham.
• APLD stock is at important technical levels. See the full story here.
The Applied Digital Analyst: Analyst John Todaro reiterated a Buy rating, while raising the price target from $21 to $41.
The Applied Digital Thesis: A lease with an IG hyperscaler is likely upcoming at PF-2,Todaro said in the note.
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PF-2 is likely to come online in late 2026, in phases, starting with 25MW and scale to 200MW IT load, he added.
Management believes that over the next three to five years PF-1 and PF-2 can scale to 1GW each and up to 4GW of LT potential capacity, the analyst stated.
He further said that the price target has been raised due to:
APLD Price Action: Shares of Applied Digital rose by 25.38% to $36.73 at the time of publication on Friday.
Read More:
• Applied Digital Stock Surges In After-Hours Trading Amid Strong Q1 Earnings, $11 Billion Lease Deal
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Posted In: APLD
