RBC starts AppLovin at Outperform, sees outsized growth continuing

As previously reported, RBC Capital analyst Matthew Swanson initiated coverage of AppLovin (APP) with an Outperform rating and $700 price target With advertising and marketing technology “increasingly intertwined,” the firm sees AppLovin as a beneficiary of the growing push to personalized marketing and increased emphasis on attribution, the analyst tells investors. AppLovin is well positioned to benefit from the expanded reach of its platform unlocking secular growth around personalized marketing and retail media trends with e-commerce, argues the analyst, who thinks the company’s fixed cost model can continue to show outsized growth throughout 2026.