Applied Digital's Robust Bitcoin Mining Segment Fuels Price Target Hike By Analyst
Portfolio Pulse from Lekha Gupta
Needham & Co. analyst John Todaro has raised the price target for Applied Digital Corp (NASDAQ:APLD) to $16.00 from $8.50, maintaining a Buy rating. The analyst sees APLD's downside as limited due to its stable Bitcoin mining segment, which is expected to remain strong until mid-2024. The FY24 revenue estimate has been raised to $309.4 million due to a strong demand pipeline, as evidenced by new AI contracts. APLD shares are currently trading higher by 5.10% at $8.09.
July 07, 2023 | 5:24 pm
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Applied Digital Corp's price target has been raised by Needham & Co. analyst John Todaro to $16.00 from $8.50, citing a stable Bitcoin mining segment and strong demand pipeline. The company's shares are currently trading higher by 5.10% at $8.09.
The raised price target and maintained Buy rating by the analyst indicates a positive outlook for Applied Digital Corp. This is likely to attract investors, driving the stock price up in the short term. The company's stable Bitcoin mining segment and strong demand pipeline further support this positive outlook.
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