Oppenheimer Names AppLovin (APP) a Top Pick, Sees More Upside Ahead

Applovin Corporation (NASDAQ:APP) is one of the best growth stocks to buy according to analysts. On August 7, Oppenheimer maintained its Outperform rating on Applovin Corporation (NASDAQ:APP), while also maintaining its $500 price target for the company. That represents a 15.15% implied upside from the current market price of $434.2.

Oppenheimer Names AppLovin (APP) a Top Pick, Sees More Upside Ahead

The firm also called Applovin a “top pick”. Oppenheimer sees rising confidence in the scale-up of e-commerce advertising, which is now expected to exceed 10% of total ad revenue this year. The firm’s outlook is also reinforced by the company’s global rollout of AXON Ad Manager’s self-service portal, which is expected to roll out in October. AppLovin’s AXON 2, is an AI-powered ad engine that optimizes targeting and placement to improve return on investment for advertisers. AXON has been a major growth driver for the company.

According to Wall Street analysts, Applovin Corporation (NASDAQ:APP) is also likely to benefit from the reactivation of its e-commerce advertisers through a new referral program, improving its global network, and extended availability for smaller companies.

While we acknowledge the risk and potential of APP as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than APP and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.