Applied Digital jumps after Wells Fargo initiates with 'overweight'

By Reuters News

** Shares of data center provider Applied Digital APLD.O rise 4.5% to $25.48 premarket

** Wells Fargo initiates coverage on APLD with an "overweight" rating and PT of $50

** New PT implies a ~105% upside to the stock's last close

** Brokerage calls APLD one of its top ideas, citing more than 1.4 gigawatts of contracted capacity across five campuses and three states

** Wells Fargo expects roughly 250 megawatts of additional lease signings by year-end at 15%-20% higher pricing than initial leases

** Average rating of 14 analysts is "buy"; their median PT is $73 — data compiled by LSEG

** Up to last close, stock had fallen ~1% this year

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