Overview

• On September 23, Oppenheimer lifted AppLovin’s price target by $240 to $740 and reaffirmed an Outperform rating.
• The firm raised its revenue estimate to $8.6 billion and projects $7.2 billion in adjusted EBITDA, implying an 83% margin.
• AppLovin’s non-gaming revenue forecast was increased to $312 million from $250 million, reflecting stronger traction outside gaming.
• Analysts expect near-term spending by brands to pick up into the holiday period, supporting higher platform monetization.
• Growth expectations are tied to new client sign-ups via agencies and e-commerce and to AI-driven tools such as AppDiscovery and the MAX monetization platform.