Citizens analyst Gregory Miller reiterated a Market Outperform rating and $60.00 price target on Applied Digital (NASDAQ: APLD).

The analyst commented, "Applied Digital reported 1Q27 results that continue to reinforce our view that the company is making meaningful progress converting its development pipeline into operating capacity, while increasingly establishing itself as a supplier of large-scale AI infrastructure to hyperscale customers. Following delivery of the second 75MW phase of Building 2 shortly after quarter-end, Polaris Forge 1 now has 250MW operational, and the company expects more than 600MW to enter service over the next twelve months. In addition, management indicated that ~250MW of expansion opportunities with existing customers could be executed by year-end, while the recently announced Finland agreement extends the company's long-term development runway beyond its existing U.S. portfolio. We continue to recommend APLD with a Market Outperform rating and $60 price target, implying ~21x FY2028E EV/EBITDA."

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Shares of Applied Digital closed at $23.81 yesterday.