tiprankstipranks
Trending News
More News >
Advertisement
Advertisement

Oppenheimer remains long-term bullish on AppLovin, expects more near-term noise

Oppenheimer notes that on October 6, Bloomberg reported that the SEC is investigating AppLovin’s (APP) data-collection practices, according to sources familiar with the matter. The probe centers on allegations that AppLovin violated service agreements with platform partners to enable more targeted consumer advertising. Sources in the report suggest that the SEC is responding to a whistleblower complaint filed earlier this year, short-seller reports published in the past months. By reviewing the SEC’s FOIA logs, the firm finds four more open requests on AppLovin, all made by Bloomberg. Oppenheimer believes the recent report, alongside open FOIA requests, and potentially more short seller reports could result in more volatility in the stock near-term. However, its long-term bullish thesis is intact. The firm has an Outperform rating on the shares with a price target of $740.

Elevate Your Investing Strategy:

  • Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Disclaimer & DisclosureReport an Issue

1