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 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.

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