Wells Fargo Raises PT on AppLovin (APP) Stock

AppLovin Corporation (NASDAQ:APP) is one of the Best Monopoly Stocks to Buy According to Hedge Funds. On July 7, Wells Fargo lifted the price objective on the company’s stock to $575 from $571, and maintained an “Overweight” rating. The analyst noted that mobile game checks in Q2 reflect weakness in the return on advertising spend because of cost-per-install inflation.

Wells Fargo Raises PT on AppLovin (APP) Stock

Furthermore, AppLovin Corporation (NASDAQ:APP)’s category share has peaked at ~45%, added the analyst. Also, web advertising share of wallet is 5% – 10% and did not change much on a YTD basis. The new advertiser growth is modest. As per the analyst, the setup heading into Q2 earnings remains tough.

In a different update, Fitch Ratings upgraded AppLovin Corporation (NASDAQ:APP)’s Long-Term Issuer Default Rating to ‘BBB+’ from ‘BBB’. Also, it upgraded the company’s revolving credit facility and unsecured notes to ‘BBB+’ from ‘BBB’. The upgrade is backed by AppLovin Corporation (NASDAQ:APP)’s leading and strong market position in mobile gaming and elevated scale of spend on its platforms.

AppLovin Corporation (NASDAQ:APP) is a technology company that provides AI-powered software solutions designed to help businesses, primarily mobile app developers, grow by acquiring users and monetizing their apps.

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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