Applied Digital Surges After Wells Fargo Names Stock a Top Pick With $50 Price Target

Applied Digital Corp (NASDAQ: APLD) shares surged 7.46% to $26.21 following a positive endorsement from Wells Fargo, which initiated coverage with a 'Top Idea' designation and a $50 price target. The report highlighted APLD's competitive advantages in securing utility power allocations and its substantial backlog of $36 billion in long-term lease agreements with major hyperscalers, potentially increasing to $86 billion over 30 years. Analysts noted that APLD trades at a discount to its contracted net asset value, suggesting a strong re-rating opportunity.