Northland analyst Mike Grondahl raised the price target for Applied Digital (APLD) to $82 from $56.
The firm maintained its Outperform rating following a series of major contract wins. Applied Digital recently leased three data center sites totaling 810 MW to a new hyperscaler customer. The company secured these agreements within the last 60 days.
Total contracted capacity for the firm has reached 1.41 GW. Contracted base-term lease revenue now totals approximately $36 billion.
Investment firms Craig-Hallum and Lake Street also recently increased their price targets for the company. Analysts cited rapid contract growth and infrastructure expansion as the primary drivers for the upgrades.