On September 19, APPLIED DIGITAL CORP rose 5.1% in regular trading, trading at $27.705 USD/share, with turnover of $393 million, extending a multi-day rally. The move was driven by Wells Fargo initiating coverage of the stock with an Overweight rating and a price target of $50, implying significant upside from current levels.

According to analyst consensus compiled by FactSet, the stock carries an average rating of Buy with a mean price target of $69.82. Earlier, B. Riley had raised its target to $75 from $66, maintaining a Buy rating. Morgan Stanley also initiated coverage in July with an Equalweight rating. The sustained analyst attention reflects growing institutional confidence in the company's AI data center infrastructure business.

Fundamentally, the company reported strong Q4 results in late July, with adjusted EPS of $0.04 versus a consensus estimate of -$0.22, and quarterly revenue of $258.7 million, far exceeding the $94.8 million estimate. Full-year revenue reached $611.3 million, up 167% year-over-year. The company also completed a $2.15 billion senior secured notes offering and secured a $550 million revolving credit facility, strengthening its financial position to support ongoing data center expansion.

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