Oppenheimer’s Favorite Stocks For Next 12 Months: Top 32 Stock Picks

23. AppLovin Corporation (NASDAQ:APP)

Share Price Upside: 5%

Number of Hedge Fund Investors In Q2 2024: 54

Average Analyst Share Price Target: $94.91

AppLovin Corporation (NASDAQ:APP) is a new age digital advertising company headquartered in Palo Alto, California. It operates a variety of platforms that enable video game advertisers and publishers to work through auctions, improve publisher revenue optimization, and generate marketing analytics. Crucially, AppLovin Corporation (NASDAQ:APP)’s products, such as its contextual tracking engine, are used by its gaming advertisers but they can also be used in the highly growing connected television market which relies on the internet. This is because the internet provides advertisers with a large amount of data from which to generate insights, and AppLovin Corporation (NASDAQ:APP)’s tertiary presence in the game-ad industry could help it capture a mutli billion dollar market. Oppenheimer believes that the firm’s “growing scale and broadening customer relationships continue to improve its core product performance, which will likely accelerate its market penetration and growth.”

ClearBridge Investments mentioned AppLovin Corporation (NASDAQ:APP) in its Q1 2024 investor letter. Here is what the firm said:

“We also added AppLovin, a disruptor in the IT sector that helps developers market and monetize their mobile apps. Powered by its proprietary targeting engine, the company’s software segment grew robustly in 2023 and should benefit from improving AI efficiency. We believe growth of the company’s targeting engine is still in the early innings as precision continues to improve, its adoption and dataset grow and AppLovin starts to license the engine to e-commerce advertisers, which could open up a brand new multibillion dollar market.”