Applovin (NASDAQ:APP) stock is in the news Tuesday after the stock got a new price target from Jefferies analyst Andrew Uerkwitz.
The new price prediction for APP stock has Uerkwitz boosting it from $20 per share to $50 per share. That represents a potential upside of 28% over the next year. It’s also a bullish price target compared to the analysts’ consensus of $39.88 per share.
To go along with that new price target, the Jefferies analyst also upgraded APP stock from a “hold” rating to a “buy” rating. To put that in perspective, the analysts’ consensus rating for APP stock shares is “moderate buy” based on 17 opinions.
What’s Behind the APP Stock Upgrade?
Here’s what Uerkwitz had to say about Applovin in a note to clients obtained by CNBC:
“Investors should have more confidence in sustainable growth (despite a weak mobile market), continued share shift, optionality on adjacent markets, and reasonable valuation. It’s better late than never, in our view, despite the extreme positive performance for AppLovin, +263% vs. NASDAQ’s +27%.”
As far as stock movement goes, APP isn’t seeing much trading today, with only about 455,000 shares on the move as of this writing. For the record, its daily average trading volume is around 2.7 million shares.
APP stock is up 1.4% as of Tuesday morning and is up 268.6% since the start of the year.
Investors seeking out even more of the most recent stock market news will want to stick around!
We have breakdowns of all the biggest stock market stories worth reading about on Tuesday! A few examples include what’s happening with shares of Fulcrum Therapeutics (NASDAQ:FULC), Novavax (NASDAQ:NVAX), and Dragonfly Energy (NASDAQ:DFLI) stock today. All of that info is ready to go at the links below!
More Stock Market News for Tuesday
- Why Is Fulcrum Therapeutics (FULC) Stock Up 43% Today?
- Novavax (NVAX) Stock Is Getting Ready to Rally Again
- Why Is Dragonfly Energy (DFLI) Stock Down 21% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.