Applied Digital price target lowered to $14 from $15 at Cantor Fitzgerald

Cantor Fitzgerald lowered the firm’s price target on Applied Digital (APLD) to $14 from $15 and keeps an Overweight rating on the shares. Applied Digital’s $5B perpetual preferred financing facility with Macquarie Asset Management effectively gives the company access to funding to cover its equity component of the build-out costs for not only the 400 MW at Ellendale, but additional sites beyond Ellendale, the analyst tells investors in a research note. Cantor’s thesis remains unchanged that demand for the site remains robust, and that it is a matter of when, not if, Applied signs a customer.