Lake Street Maintains a Buy on Applied Digital (APLD)

Applied Digital Corporation (NASDAQ:APLD) is one of the Best Stocks to Buy for the Next 3 Months According to Hedge Funds. On August 29, Applied Digital Corporation (NASDAQ:APLD) announced finalizing a new lease agreement with CoreWeave for an additional 150MW of data center capacity at Applied Digital’s Polaris Forge 1 Campus in Ellendale.

This new lease increases the total contracted lease revenue for the company to around $11 billion, including $7 billion from two earlier leases signed earlier in May 2025. As a result, the Polaris Forge 1 Campus will now have a total IT capacity of 400MW across three long-term lease agreements with CoreWeave. Moreover, the additional 150MW will be housed in the third building of the campus, which is in the planning phase, and this new data center is expected to be ready for service by 2027.

After the announcement on the same day, Robert Brown from Lake Street maintained a Buy rating on Applied Digital Corporation (NASDAQ:APLD) with a price target of $18. Analysts’ 12-month price target reflects around 44% upside from the current levels.

Applied Digital Corporation (NASDAQ:APLD) is a technology company that designs, develops, and operates next-generation digital infrastructure and cloud services across North America.

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Disclosure: None. This article is originally published at Insider Monkey.