Evercore ISI Initiates Coverage on AppLovin (APP) With Outperform Amid Mobile Gaming and E-Commerce Ad Expansion

AppLovin Corporation (NASDAQ:APP) ranks among the most promising QQQ stocks according to hedge funds. Evercore ISI began coverage of AppLovin Corporation (NASDAQ:APP) on January 14 with an Outperform rating and a price target of $835, citing the platform’s widening growth runway as it establishes an effective advertising unit for e-commerce.

According to the firm, AppLovin Corporation (NASDAQ:APP) continues to be the top ad tech platform in mobile gaming and is developing as a substantial avenue for e-commerce marketers, something it sees as a significant increase in the company’s overall market.

Evercore anticipates that combined mobile gaming and e-commerce ad expenditure would drive revenue and EBITDA up by at least 30% annually from 2025 to 2028. In addition, the firm stated that third-party pixel tracking and industry assessments indicate robust recent momentum. AppLovin Corporation (NASDAQ:APP) intends to achieve strong single-digit to low double-digit adoption of direct-to-consumer e-commerce ad spend by fiscal year 2028, equating to roughly $3.4 billion in revenue on $7.5 billion in advertising expenditures.

AppLovin Corporation (NASDAQ:APP) is a software-based advertising and app monetization company. It operates through two segments, Advertising and Apps. The company also develops and publishes free-to-play mobile games through its studios and partners.

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Disclosure: None. This article is originally published at Insider Monkey.