As previously reported, BofA downgraded AppLovin (APP) to Neutral from Buy with a price target of $400, down from $430. The risks to AppLovin’s articulated 30% year-over-year long-term revenue growth forecast have increased and innovations in support of 30% growth are also more risky, the analyst tells investors. The firm did not reduce its multiple because it thinks AppLovin will not lose significant market share, but it thinks it more likely that AppLovin becomes viewed as a mature adtech platform, barring a new innovation cycle, the analyst added.
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