Roth/MKM analyst Darrem Aftahi reiterated a Buy rating and $58.00 price target on Applied Blockchain Inc (NASDAQ: APLD)

The analyst comments: "APLD remains one of the provers in our coverage. F3Q brings the first full quarter of lease revenue, and CoreWeave's (CRWV, Buy; Kulkarni) A3 credit upgrade should compress APLD's bond spreads. With 600MW signed and ~$1B in annualized NOI achievable over five years, the trajectory is set for a scalable platform. DF1 is now breaking ground in Louisiana (LA) with Macquarie development financing already deployed, we expect a third hyperscaler lease imminently. While some may enter the call with lease expectations, we would use any weakness as a buying opportunity. Reiterate APLD as a top pick."

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Shares of Applied Blockchain Inc closed at $24.49 yesterday.