Oppenheimer lowered its price target for Applovin Corp (NASDAQ:APP) to $660 from $740. The firm cited a reduction in valuation multiples across the company's peer group for the adjustment.
Analysts maintained an Outperform rating on the stock. The firm suggests the current valuation represents a favorable entry point based on Applovin's profitability and growth prospects.
Applovin plans a general release for its AXON 2.0 platform expansion beyond gaming in the first half of 2026. This strategic move aims to attract a more diverse advertiser base to the platform.
Company executives expressed confidence in core gaming advertising growth and e-commerce expansion during a Morgan Stanley conference in early March.