(Bloomberg) – Applovin Corp has found support from multiple Wall Street analysts who called the recent short report-related sale a buy opportunity.
Most of them read from Bloomberg
The company's stock fell 3.2% on Thursday, earning its eighth consecutive day of decline, bringing the stock back on track for its worst weekly performance since 2022. The shrinking cut the stock price after a wider range of 12% declines on Wednesday, as both shares benefited from contrirance among its suspects, as the stock issued a wider panda and culper study, among its potential reports. Platform. In the blog post, Applovin's CEO called the report inaccurate and a call was held with analysts Wednesday night.
Many analysts who currently recommend buying 20 buy ratings, seven holds, and unsold shares have long been bullish on Applovin's stock, according to data compiled by Bloomberg.
Analysts at Piper Sandler, led by James Callahan, wrote in a note on February 27 that he maintains his overweight rating and a price target of $575. Applovin's “customers are the most sophisticated in digital advertising, and we believe suspicious fraud is immediately felt through their own attribution or incremental testing.”
Similarly, Jeffries analysts said the claims released in a recent short report on February 27 were weak and “often inaccurate.” They also repeated their purchase rating and price target of $600.
“In particular, the claims of fraudulent clicks and downloads do little to explain how APP's success comes from its ability to generate measurable revenue for its customers,” an analyst led by James Heaney wrote in a note dated February 27th.
Applovin is the top pick for Bank of America analysts led by Omar Desk Key as it has been trading at a short-term catalyst such as an e-commerce ramp and its valuation, and with a sudden discount to peers following recent sales.
“We hope that the complex, driven valuation discount will dissipate over time as Applovin's financial performance is maintained and new investors are familiar with the mobile Adtech mechanism and its auction process.” Bank of America has maintained its stock purchase rating and price target of $580.
