Oppenheimer on AppLovin Corp (APP): 'remains the top pick in our coverage for the next 12 months'
Oppenheimer analyst Martin Yang reiterated an Outperform rating and $480.00 price target on AppLovin Corp (NASDAQ: APP).
The analyst comments "APP reports 4Q24 results on Wednesday, February 12th after market. Near term, we take a cautious stance ahead of the print. While we expect another quarter of consensus-beating results, the real bar APP will be measured against is higher. We believe the buy-side expectation for e-commerce contribution is $30–50M in 4Q24, making total Software Platform revenue 3–5% higher than consensus. We continue to hear overwhelmingly positive customer comments on e-commerce pilot, further driving up expectations. While near-term trading dynamic can be choppy for APP, it remains the top pick in our coverage for the next 12 months."
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Shares of AppLovin Corp closed at $384.40 yesterday.