BofA says AppLovin still a ‘top pick,’ sees entry point at ‘discount valuation’

BofA analyst Omar Dessouky notes that AppLovin’s (APP) CEO addressed “inaccurate claims” made by short seller reports in a call with sell-side analysts and also published a blog post in response. The firm, which says that AppLovin’s profit margins and the firm’s long-term growth forecast “handily exceed almost any of its comparables,” says the stock remains the analyst’s top pick under coverage, with multiple catalysts seen through the first half to “sustain the rally.” BofA keeps a Buy rating and $580 price target on AppLovin shares.