B. Riley raised the firm's price target on Applied Digital to $66 from $53 and keeps a Buy rating on the shares. The firm says the pace and magnitude of recent hyperscale contracting "have accelerated meaningfully." Riley updated models in the digital mining space to reflect recent deal and site announcements as well as the quarterly results. Investors are placing a rising premium on megawatt security and de-risked project delivery as "NIMBY opposition, grid interconnection delays, and electrical equipment shortages move from background concerns to material development constraints," the analyst tells investors in a research note.
