10 Best Growth Stocks to Buy With Highest Upside Potential

Page 4 of 4

​6. AppLovin Corporation (NASDAQ:APP)

Number of Hedge Fund Holders: 108

Analyst Upside Potential: 58.37%

​AppLovin Corporation (NASDAQ:APP) is one of the Best Growth Stocks to Buy With Highest Upside Potential. Wall Street is Bullish on AppLovin Corporation (NASDAQ:APP) as 88% of the 32 analysts covering the stock have a Buy rating. Moreover, the analyst’s 12-month median price target suggests more than 58.37% upside from the current level.

​Recently, on April 7, Jason Bazinet from Citi maintained a Buy rating on the stock with a price target of $710. Citi’s price target is significantly higher than the average estimates of the Street, which sits at $655. The analyst said in a research note that the Buy rating is driven by the company’s Axon-driven growth. He mentioned his research on Store Leads data, which points to a steady increase in e-commerce clients and increased penetration among Shopify merchants. The analyst highlighted that this data suggests that AppLovin’s Axon is gaining traction, despite an overall low penetration rate among Shopify merchants.

​Bazinet also highlighted that the low penetration rate suggests a long growth runway for Axon. He sees encouraging trends, including an improvement in geographical diversification, and noted Hong Kong to be an emerging international growth contributor.

​AppLovin Corporation (NASDAQ:APP) operates as an end-to-end artificial intelligence-powered advertising solutions provider for businesses in the United States and around the world. The company operates in the Apps and Advertising segments. It provides MAX, Axon Ads Manager, Adjust, and Wurl tools.

While we acknowledge the potential of APP to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than APP and that has 100x upside potential, check out our report about the cheapest AI stock.

Click to continue reading and see the 5 Best Growth Stocks to Buy With Highest Upside Potential.

Disclosure: None. Follow Insider Monkey on Google News.

Page 4 of 4