AppLovin's Fantastic Upside Necessitates A Downgrade

2026-04-18 06:59:57 ET

One of the best calls I have ever made was when I decided to upgrade shares of AppLovin Corporation ( APP ) from a ‘buy’ to a ‘strong buy’ back in December of 2022. At the time, the company had been underperforming the market drastically, with shares down from when I had initially rated it a ‘buy’ in May of that year. The fact of the matter was that shares of the business were trading on the cheap and management was proving to be successful in rapidly growing certain financial metrics. I made the case that, as time went on, we would see further expansion. And sure enough, since then, things have gone extraordinarily well. Since the time that article was published, the stock is up an astounding 3,797.8%. That absolutely dwarfs the 72.3% increase that the S&P 500 saw over the same window of time. And since I originally rated it a ‘buy’ earlier that year, the stock has risen 957.3%. The market, meanwhile, is up only 66.9% in that time....

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