** Data center operator Applied Digital's shares rise 1.6% to $7.42 premarket
** Brokerage H.C. Wainwright raises PT on company's shares to $10 from $5, representing an upside of 37%
** Brokerage believes higher valuation multiple is fair given the step-up in sales expected from the 400 megawatt Ellendale site
** APLD last week reported Q1 revenue of $60.7 mln vs est $54.9 mln - LSEG
** As of last close, stock up ~8% so far this year
(Reporting by Akash Sriram in Bengaluru)
((Akash.Sriram@thomsonreuters.com; ))
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