Argus starts AppLovin at Buy on strong double-digit revenue growth

As previously reported, Argus analyst Joseph Bonner initiated coverage of AppLovin (APP) with a Buy rating and $520 price target The stock had been hit by the so-called “SaaSamageddon” effect related to market sentiment based on a thesis that artificial intelligence (AI) models, though the firm is citing AppLovin’s actual performance of strong double-digit revenue growth and profit margin expansion, the analyst tells investors in a research note. Valuation, which had been soaring, came back to earth on the negative market sentiment, presenting an entry point, the firm added.

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