Why AppLovin Stock Was Racing Higher This Week
Yahoo Finance ·
Mr. Market was expressing some affection for AppLovin ( APP 6.65% ) over the past few trading days. Shares of the adtech company were rising by over 10% week to date as of late Thursday evening. A highly positive initiation of coverage from an analyst was a major reason for the pop. This occurred Monday morning, when Andrew Marok of Raymond James launched his tracking of AppLovin's equity with a strong buy recommendation. Consistent with this highly optimistic rating, he set a price target of $640 per share on the specialized tech stock . That's more than 21% higher than its most recent closing price. The platform's new name, AppLovin Ads, is buttressed by the greatly expanded Axon artificial intelligence (AI) model that powers it. Having moved from its previous narrow focus on mobile gaming, the platform is now available as a tool for the immense and ever-growing e-commerce crowd.
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