Oppenheimer Keeps Outperform Rating on AppLovin (APP) After Reports of SEC Probe

AppLovin Corporation (NASDAQ:APP) is one of the 10 Best American AI Stocks to Buy According to Analysts. On October 7, Oppenheimer reaffirmed its Outperform rating on AppLovin Corporation (NASDAQ:APP) with a price target of $740.

This decision comes after reports of the Securities and Exchange Commission (SEC) probing AppLovin Corporation (NASDAQ:APP) over its data-collection practices.

The SEC is investigating allegations that AppLovin Corporation (NASDAQ:APP) violated service agreements on pushing targeted ads to consumers, according to an October 6 report by Bloomberg that cites people familiar with the matter.

While acknowledging that AppLovin Corporation (NASDAQ:APP) has not been accused of wrongdoing, the report said that the SEC is responding to a whistleblower complaint filed this year and short-seller reports.

Oppenheimer also pointed out that a review of SEC Freedom of Information Act (FOIA) logs showed four more open requests on AppLovin Corporation (NASDAQ:APP) made by Bloomberg.

The research firm noted that this news could cause increased near-term volatility for AppLovin Corporation (NASDAQ:APP). However, Oppenheimer reiterated its long-term bullish thesis while stating that the firm’s outlook for the company is still intact.

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.