AppLovin Corp (NASDAQ:APP) is one of the best growth stocks to buy and hold forever. On September 23, analysts at Oppenheimer raised the stock’s price target by $240 to $740, while reiterating an ‘Outperform’ rating.
The significant price target hike underscores the research firm’s confidence in the company’s non-gaming advertising and long-term growth drivers. AppLovin raised its non-gaming revenue forecast to $312 million, up from $250 million. Oppenheimer has also raised the company’s revenue estimates to $8.6 billion, as it also expects $7.2 billion in adjusted EBITDA, implying a margin of 83%.
The research firm expects AppLovin Corp to benefit from an increase in near-term spending by brands, especially during the holiday season. It also expects the company to capitalize on new client sign-ups through agencies and e-commerce platforms.
Applovin Corp provides marketing software and a platform for businesses to grow, monetize, and market their mobile apps. Its solutions include AI-powered advertising tools, such as AppDiscovery, to match ads with audiences, and monetization platforms like MAX to optimize in-app advertising revenue.
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This article is originally published at Insider Monkey.
