Applied Digital (APLD) PT Raised to $55 at Wells Fargo

Wells Fargo analyst Eric Luebchow raised the price target on Applied Digital (NASDAQ: APLD) to $55.00 (from $50.00) while maintaining a Overweight rating.

The analyst comments "APLD delivered a steady Q1'27, with execution against its 1.4 GW remaining on time and on budget. The next catalysts to watch for are secured debt raises for its recently signed Meta leases + 250 MWs of expansion leases at higher yields. Leasing pipeline robust, with incremental 250 MWs expected by YE. APLD remains in late stages to sign ~250 MWs of expansions at Polaris Forge 2 (ORCL) and Delta Forge 1 (we believe Meta) at lease rates that are ~15%+ higher than the initial leases signed at those sites. APLD also expects it can achieve some build cost efficiencies by expanding on existing campuses, which should improve cash NOI yields by ~100 bps or more (we estimate ~10-11% initial starting cash yields for the new leases)."

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