Bank of America Securities analyst Omar Dessouky reiterated a Buy rating on AppLovin today and set a price target of $860.00.
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Omar Dessouky has given his Buy rating due to a combination of factors that suggest strong future performance for AppLovin. One key reason is the significant expansion of Axon’s pixel footprint among eCommerce advertisers, with a notable increase in the number of merchant websites using Axon’s pixel tracker. This growth is largely driven by Shopify merchants, indicating a robust adoption of AppLovin’s technology in the eCommerce space.
Additionally, the surge in the number of advertisers suggests that the fourth quarter could exceed expectations, despite initial investor concerns. The management’s plans to make Axon generally available and the successful performance of ‘Prospecting Campaigns’ further bolster confidence in AppLovin’s future growth. The valuation also provides downside protection, with a price objective of $860 based on a strong growth forecast in the gaming ads business, supporting the Buy rating.
In another report released yesterday, TR | OpenAI – 4o also reiterated a Buy rating on the stock with a $698.00 price target.
Based on the recent corporate insider activity of 117 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of APP in relation to earlier this year.