Wednesday brought a fresh batch of analyst initiations, with Wall Street firms launching coverage on four companies spanning biotech, data centers, and yes, even ice cream.

The biggest headline came from Freedom Capital Markets analyst Paul Meeks, who initiated coverage on Applied Digital Corp (APLD) with a Buy rating and a $36 price target. That suggests about 19% upside from Tuesday's closing price of $30.26. Applied Digital, which operates high-performance computing infrastructure including data centers for AI applications, has become an increasingly watched name as demand for AI computing capacity heats up.

Over in the biotech world, HC Wainwright made two bullish calls. Analyst Arthur He started coverage on Jade Biosciences Inc (JBIO) with a Buy rating and a $25 price target. That's particularly optimistic given that shares closed Tuesday at $13.17, implying nearly 90% upside if He's thesis plays out.

HC Wainwright's Swayampakula Ramakanth also initiated coverage on Compugen Ltd (CGEN) with a Buy rating and $4 price target. With shares closing at just $1.55 on Tuesday, that target suggests the analyst sees more than 150% potential upside for the computational discovery company focused on immune system therapeutics.

Not every initiation was bullish, though. Jefferies analyst David Hayes took a more measured approach with Magnum Ice Cream Company NV (MICC), starting coverage with a Hold rating. The stock closed Tuesday at $15.21. A Hold rating typically signals an analyst believes shares are fairly valued at current levels, neither a compelling buy nor an urgent sell.

These coverage initiations give investors new perspectives on companies that may have been flying under the radar. When analysts initiate coverage, they're essentially telling the market these stocks are worth paying attention to, even if they don't always agree on direction. The bullish tilt on three of the four names suggests analysts see opportunity, particularly in the applied computing and biotech spaces.