Oppenheimer says AppLovin (APP) shares are down over 11% from a month ago and 8% from a week ago due to fear over Apple’s (AAPL) advertising attribution framework, newly introduced at its Worldwide Developers Conference on June 10. After reviewing the related documentation and speaking with AppLovin management, the analyst believes Apple’s AdAttributionKit and its updated ad attribution framework in iOS18 is neutral to the health of AppLovin’s Software Platform business. Opco sees AdAttributionKit as primarily a rebranding of SKAN and says it offers only incremental changes to Apple’s ad attribution solution. The firm thinks AppLovin’s Software Platform business remains healthy in Q2 and recommends using the recent selloff in the stock as a buying opportunity. Opco keeps an Outperform rating on AppLovin with a $97 price target.
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