Wells Fargo initiates Applied Digital stock with overweight rating By Investing.com
Investing.com UK
Wells Fargo has initiated coverage on Applied Digital (NASDAQ:APLD) with an overweight rating and a price target of $50.00, citing its investment-grade backlog and discounted net asset value. The stock currently trades at $24.39, suggesting over 100% upside. This positive outlook is supported by anticipated sales growth and the company's significant contracted capacity with major tenants like Meta and Oracle.
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