Jefferies Reaffirms Buy Rating on AppLovin (APP)

AppLovin Corporation (NASDAQ:APP) is one of the 15 Best American Tech Stocks to Buy Right Now. On September 23, Jefferies reaffirmed its Buy rating on AppLovin Corporation (NASDAQ:APP) with a price target of $760.

The research firm cited insights from a call with Alex Brown, the CEO of Tierra Agency. Jefferies pointed out that Tierra Agency expects its clients to spend between $3 million and $5 million monthly on AppLovin Corporation (NASDAQ:APP). This suggests strong advertiser adoption.

Jefferies noted that AppLovin Corporation’s (NASDAQ:APP) referral program is seeing significant demand. This program brings in leads from brands that spend about $200 million annually on paid media.

According to the firm’s analysis, the opportunity for lead generation advertisements could be about three times bigger than e-commerce for AppLovin Corporation (NASDAQ:APP). This suggests there is a lot of potential for growth in this segment.

Jefferies also pointed out that Tierra’s clients have not yet started advertising to international audiences through AppLovin Corporation (NASDAQ:APP). However, they plan to expand into international markets within the next 30 days. This could create additional revenue streams for the company.

AppLovin Corporation (NASDAQ:APP) is an American technology company that offers end-to-end software and AI solutions for businesses of all sizes to reach, monetize, and grow their audiences.

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Disclosure: None. This article is originally published at Insider Monkey.