One stock that has been shuffled to the side this year and largely overlooked is AppLovin (NASDAQ: APP).
The stock price is down more than 20% on the year
However, a few Wall Street analysts see significant upside potential in it. Among the analysts bullish on AppLovin stock is Evercore’s Robert Coolbrith, who has an “outperform” rating and a $750 price target. Coolbrith believes the stock’s valuation is compelling and sees early momentum in its newer e-commerce vertical.
Morgan Stanley analysts are also bullish, with a $720 target, saying late last month that higher conversion rates could drive meaningful revenue and profits. Citigroup, meanwhile, has a $710 price target on AppLovin and recently added the stock to its 90-day catalyst watch list, citing the growth potential in its increased marketing and in its platform becoming generally available later this month. Why the stock looks like a buy AppLovin has been one of the biggest beneficiaries of using artificial intelligence (AI) to drive growth in its core business.