AppLovin reports strong revenue growth and profit increase, with Buy rating and price target raised.

From Nasdaq

August 12, 2024 7:00 am:

AppLovin (APP) continued its strong performance with revenue of $351.5 million, up 51% from a year ago. Net income was $24.2 million, compared to a loss of $29.4 million in the second quarter of 2023. APP stock is down 15% in the last month but is up 63% year-to-date, earning an “A” rating in the Portfolio Grader.Deploying a Buy rating on APP stock, Monness Crespi Hardt analyst Karl Ackerman set a $40 price target. He sees a strong growth runway for AppDiscovery and Max platforms. With strong financials and growth potential, AppLovin presents a solid investment opportunity for those looking for tech stocks with long-term growth potential.

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