Morgan Stanley Upgrades AppLovin (APP) to Overweight with Revised Target | APP Stock News

Apr 10, 2025

Morgan Stanley has upgraded AppLovin (APP, Financial) from Equal Weight to Overweight, adjusting its price target to $350, a decrease from the previous $470. The financial services firm recognizes AppLovin's continued market share growth in gaming advertising and its rapid expansion in non-gaming advertising, which has outpaced expectations.

The analysis indicates that despite AppLovin's impressive performance in recent quarters, its stock has seen a significant decline of 46% since the fourth-quarter earnings report. Morgan Stanley views this drop as a chance to invest in what it considers ad tech's top performer at a discounted price.

The firm acknowledges AppLovin's resilience in the advertising sector, attributing it to the company's strong presence in direct response budgets and its innovation-led success relative to its market segment. Morgan Stanley now considers the company's projected ad growth targets to be realistic and achievable.

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