Citi recommends buying shares of AppLovin (APP) on weakness from Bloomberg’s report that the Securities and Exchange Commission is investigating the company’s data collection practices. AppLovin now disclosing the probe in a regulatory filing is a positive, as it suggests managemewbt does not see a material risk, the analyst tells investors in a research note. Citi believes yesterday’s pullback is pricing in a $680M revenue hit, which it calls “extreme.”
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