Overweight rating with $30 price target on backed contracted backlog

Wells Fargo starts coverage on $APLD, $WULF and $CIFR at Overweight: $APLD: $50 PT Calls it one of its top ideas. Says 1.4+ GW of contracted capacity is worth ~$30/share, with 70%+ of MWs directly contracted with Meta and Oracle. $WULF: $30 PT Says its 839 MW contracted backlog is worth ~$15/share, anchored by Fluidstack with Google support and Anthropic-backed capacity. $CIFR: $25 PT Calls it a higher-risk/higher-reward name. Says its contracted book is worth ~$10/share, including 286 MW with AWS and 207 MW with Fluidstack backed by Google.