Northern Data Poised for AI Boom Success, Says Canaccord
Finance/Tech

Northern Data Poised for AI Boom Success, Says Canaccord

Canaccord initiates coverage on Northern Data with a favorable buy rating and a price target of 60 euros, anticipating significant growth driven by AI advancements.

Northern Data Poised for AI Boom Success, Says Canaccord

Canaccord initiates coverage on Northern Data with a buy rating and a price target of 60 euros (approximately $62). The broker highlights the company's strategic position to leverage the increasing demand from artificial intelligence (AI) and high-performance computing (HPC).

Key Points:

  • Canaccord has set a target price of 60 euros for Northern Data, currently trading at approximately 45.65 euros.
  • Analysts describe Northern Data as "building the railroad for the AI gold rush."
  • The report also mentions a potential sale of its Peak Mining business to unlock further value for the firm.

Canaccord believes that the divestiture could provide additional cash for investments in GPUs and data centers, enhancing growth prospects beyond fiscal year 2025. Despite a recent 74% increase in shares, the broker sees further potential for growth due to evident investor interest.

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Northern Data Positioned for AI Growth: Insights from Canaccord

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