Valued at a market cap of $151.2 billion, AppLovin Corporation (APP) is a Palo Alto, California-based company that provides end-to-end artificial intelligence-powered advertising solutions for businesses.
This advertising company has outperformed the broader market over the past 52 weeks. Shares of APP have surged 66.3% over this time frame, while the broader S&P 500 Index ($SPX) has gained 30.6%. However, on a YTD basis, the stock is down 31.7%, compared to SPX’s 4.7% rise.
Zooming in further, APP has notably outpaced the SPDR S&P Software & Services ETF (XSW), which declined 7.5% over the past 52 weeks. However, it has lagged XSW's 19.4% YTD rise.
On Apr. 15, shares of AppLovin rose 7.2%, supported by a broader rally in technology stocks that lifted markets closer to record highs, as improving sentiment around easing geopolitical tensions and continued strength in AI-driven momentum boosted investor confidence.
Among the 28 analysts covering the stock, the consensus rating is a "Strong Buy,” which is based on 21 “Strong Buy,” three “Moderate Buy,” and four “Hold” ratings.
The configuration is slightly more bullish than a month ago, with 20 analysts suggesting a "Strong Buy” rating.
On Apr. 20, Citigroup Inc. (C) analyst Jason Bazinet assigned a “Buy” rating to AppLovin and set a price target of $710, indicating a 54.3% potential upside from the current levels.
The mean price target of $656.52 indicates a 42.6% potential upside from the current levels, while its Street-high price target of $860 suggests an 86.8% potential upside from the current levels.
On the date of publication, Neharika Jain did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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