Applied Digital (NASDAQ: APLD) received multiple price target increases on May 22, 2026. The upgrades follow a $7.5 billion lease agreement at the Polaris Forge 3 AI campus. The contract spans a 15-year duration. This deal increases the company’s total contracted pipeline to $31 billion.
Compass Point lifted its price target for the stock to $70. Needham raised its target to $66. Citizens JMP increased its price forecast to $60.
APLD shares fell 4.8% to trade near $45.71 on Friday. The decline occurred as Bitcoin prices dropped 1.2%. Investors engaged in profit-taking as the market digested the milestone lease news.