Texas Capital Securities analyst Derrick Whitfield reiterated a Buy rating and $71.00 price target on Applied Digital (NASDAQ: APLD).

The analyst commented: "Before the open, Applied Digital announced an agreement providing up to 1 GW of potential power capacity in Finland, marking the company’s first development opportunity outside the United States. Net-net, we are constructive on the agreement, as it meaningfully expands Applied’s marketable power portfolio amid a macro backdrop short both power and large-scale development campuses preferred by hyperscalers, with the company already marketing the capacity to potential tenants. We also view management’s decision to selectively pursue opportunities outside the United States positively, as its willingness to transact internationally meaningfully broadens the universe of opportunities it can pursue and increases "

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Shares of Applied Digital closed at $24.70 yesterday.