Why AppLovin Stock Was Racing Higher This Week
An analyst initiated coverage of the adtech company on Monday.
Overview
Mr. Market was expressing some affection for AppLovin (NASDAQ: APP) over the past few trading days. Shares of the adtech company were rising by over 10% week to date as of late Thursday evening. A highly positive initiation of coverage from an analyst was a major reason for the pop.
This occurred Monday morning, when Andrew Marok of Raymond James launched his tracking of AppLovin's equity with a strong buy recommendation. Consistent with this highly optimistic rating, he set a price target of $640 per share on the specialized tech stock. That's more than 21% higher than its most recent closing price.
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Source
Originally published at www.fool.com.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.