Applied Digital down after Q3 revenue miss, brokerage cut PTs

** Cryptocurrency data center Applied Digital stock down 10.2% at $4.8 premarket after Q3 revenue miss, co to sell cloud services business** H.C. Wainwright lowers PT to $7 from $12 to adjust for reduced revenue from cloud services** Brokerage reiterates 'buy' rating, expects step-up in revenue once Ellendale data center site gets a new customer ** The lack of a new customer announcement for Ellendale could pressure Applied's shares near-term, says Wainwright** Brokerage says Sumitomo Mitsui Banking Corporation could play a critical role in ongoing leasing discussions at Ellendale ** Co could be an acquisition target like some headline, stand-alone bitcoin miners - Wainwright ** Needham also cuts target price to $10 from $11** As of last close, APLD down 29.5% YTD