AppLovin Corporation (NASDAQ:APP) is one of the Best Monopoly Stocks to Buy According to Hedge Funds.
On July 7, Wells Fargo lifted the price objective on the company’s stock to $575 from $571, and maintained an “Overweight” rating
The analyst noted that mobile game checks in Q2 reflect weakness in the return on advertising spend because of cost-per-install inflation. Furthermore, AppLovin Corporation (NASDAQ:APP)’s category share has peaked at ~45%, added the analyst. Also, web advertising share of wallet is 5% – 10% and did not change much on a YTD basis.
The new advertiser growth is modest. As per the analyst, the setup heading into Q2 earnings remains tough. In a different update, Fitch Ratings upgraded AppLovin Corporation (NASDAQ:APP)’s Long-Term Issuer Default Rating to ‘BBB+’ from ‘BBB’.