Applovin is trading 4.1% down at $305.54 after Bank of America downgraded the company to Neutral from Buy and cut its price target to $400 from $430.
- BofA cited increased risks to Applovin’s long-term 30% revenue-growth trajectory.
- The sharp selloff follows mixed second-quarter results and weaker profit guidance; shares fell from $318.68 on August 11 to current levels.
- The broader market is firmer after in-line July CPI data, so company-specific concerns appear to be driving weakness.