Northland Securities Reiterates a Buy Rating on Applied Digital Corporation (APLD)

​​Applied Digital Corporation (NASDAQ:APLD) is one of the Best Mid Cap Tech Stocks to Buy According to Analysts. On November 6, Michael Grondahl from Northland Securities reiterated a Buy rating on Applied Digital Corporation (NASDAQ:APLD) with a price target of $40.

​The company has been on Wall Street’s radar since it announced its lease agreement on October 22 with a US-based investment-grade hyperscaler valued at $5 billion. Under the agreement, which spans approximately 15 years, Applied Digital Corporation (NASDAQ:APLD) will deliver 200 MW of critical IT capacity at Polaris Forge 2 Campus in North Dakota. This agreement, combined with the previous deal to deliver IT load to support the hyperscaler at Polaris Forge 1, has taken the company’s total lease capacity to 600 MW.

​In addition, Applied Digital Corporation (NASDAQ:APLD) has already begun making progress on its Phase 1 at Polaris Forge 1, which is being built for CoreWeave. On October 27, the company announced that it had achieved a successful, on-time Ready for Service milestone for the first 50 MW at Polaris Forge 1 AI Factory in North Dakota. Wes Cummins, CEO of Applied Digital, noted the company is on track to deliver the next 50 MW before the end of the year.

​​Applied Digital Corporation (NASDAQ:APLD) is a technology company that designs and operates advanced digital infrastructure across North America. Its technologies focus on data centers for blockchain, high-performance computing, and AI applications.

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