AppLovin (APP) Stock Slides 2% After BofA Downgrades on Growth Concerns
TLDR
- Bank of America downgraded AppLovin (APP) from Buy to Neutral, cutting its price target from $430 to $400.
- APP slid 2% in premarket trading following the downgrade.
- BofA analyst Omar Dessouky flagged rising risks to AppLovin’s 30% year-over-year long-term revenue growth target.
- The self-learning growth engine of 3-5% quarter-over-quarter may no longer apply given AppLovin’s high market share.
- APP is down 45% year-to-date, with multiple Wall Street firms downgrading the stock after Q2 results.
AppLovin (APP) dropped 2% in premarket trading on Monday after Bank of America downgraded the stock from Buy to Neutral.
BofA analyst Omar Dessouky cut his price target to $400 from $430, pointing to growing concerns around the company’s ability to sustain its long-term growth trajectory.
The downgrade follows a rough stretch for APP. The stock is down 45% year-to-date and has been hit with several downgrades from Wall Street firms since reporting second-quarter results earlier this month.
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