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Applied Digital price target raised to $9 from $8 at B. Riley

B. Riley raised the firm’s price target on Applied Digital to $9 from $8 and keeps a Buy rating on the shares. The most recent funding round announcement is “not only a validation from major industry leaders,” but also strengthens Applied’s financial position and “significantly increases” the chances of a final lease agreement, says the analyst, who believes the funding is “a first step towards unlocking more significant value in the cloud services business.”

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