Applied Digital (APLD) is rated a consensus strong buy by 12 analysts with an average score of 4.75 out of 5. The high target price is $99 per share, suggesting up to 165% upside from current levels. For this potential to be realized, Applied Digital needs to secure a third hyperscaler deal adding at least $10 billion to its backlog over the next 12-24 months. While hitting these high targets is plausible, the path is narrow. If the company executes its long-term growth story, the potential could be massive.