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APP Jumps after Receiving Analyst Upgrade
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APP Jumps after Receiving Analyst Upgrade

BofA Securities analyst Omar Dessouky is quite bullish about Applovin’s (NASDAQ:APP) growth potential, prompting him to boost the mobile app tech firm’s rating from Neutral to Buy and hike his one-year price target from $21 to $27. Applovin’s shares have responded positively to this vote of confidence, with recent trading showing a 7% uptick at the time of writing. This year, the stock has recorded an impressive 132% leap.

Dessouky’s optimism is largely fueled by Applovin’s novel machine-learning engine, Axon 2.0, which he believes will bolster the company’s revenue growth in 2023. According to Dessouky, Axon 2.0, an upgraded variant of the current Axon product, will begin rolling out in Q2 and is expected to progressively enhance performance throughout the year, resulting in a series of quarterly guidance beats. The current Axon product utilizes data to connect app users with pertinent ad content.

Overall, Wall Street has a Moderate Buy consensus rating on APP stock based on seven Buys, five Holds, and one Sell assigned in the past three months. Nevertheless, its average price target of $23.50 implies almost 4% downside potential.

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