It's not often that an analyst increases their price target by 74%, but that's what happened to AppLovin (NASDAQ:APP). The next-generation adtech company, which has already been a strong performer on the stock market, has seen its share price increase over the past few days. According to data compiled by S&P Global Market Intelligenceit was up nearly 13% week-to-date on Friday before the market opened.
Stifel weighed in on AppLovin with a new research note Thursday morning. In it, the analyst firm raised – perhaps I should say “catapulted” – its price target to $435 per share. This is significantly higher than its previous amount of $250. It almost goes without saying that Stifel is bullish on the company; it maintained its existing buy recommendation by making changes to the price target.
Missing the morning scoop? Breakfast News delivers it all in one fast, stupid, free daily newsletter. Register for free »
Not to be left out, the same day Citi Group and BTIG both passed hefty increases. The former increased its fair value to $460 per share from the previous $335, while BTIG's respective levels were $432 and $291. Both companies also kept their AppLovin purchase recommendations intact.
The reasons behind these decisions differ somewhat between reports, but all three believe that the specialized authorities technology company faces excellent opportunities and has the means to exploit them. Stifel cited AppLovin's ability to mine and use data from its mediation platform and was optimistic about its entry into the e-commerce advertising segment.
These price target increases may seem outsized, but AppLovin's stock has been a real racehorse this year: it's up 851% year to date, and we haven't even reached the New Year. This is understandable, as the company is very well positioned to take advantage of the huge increase in the digital advertising space and, as such, has an exciting future.
Before buying shares on AppLovin, consider this:
THE Motley Fool Stock Advisor The analyst team has just identified what they think is the 10 best stocks for investors to buy now…and AppLovin wasn’t one of them. The 10 stocks selected could produce monster returns in the years to come.
Consider when Nvidia made this list on April 15, 2005…if you had invested $1,000 at the time of our recommendation, you would have $889,004!*
Equity Advisor provides investors with an easy-to-follow plan for success, including portfolio building advice, regular analyst updates, and two new stock picks each month. THE Equity Advisor the service has more than quadrupled the return of the S&P 500 since 2002*.
#Investors #Showering #Love #AppLovin #Stock #Week
,
