APP Stock Dips Below $300 For First Time In Over A Year — Analyst Cuts Target By $60, But Believes Business Remains High Quality

Piper Sandler reduced its price target to $325 from $385, while keeping a ‘Neutral’ rating on the shares.

• Last week, Wells Fargo also trimmed its target on the stock to $325 from $357 and kept an ‘Overweight’ rating on the shares.
• The firm noted that a data deep dive suggests player engagement remains stronger than expected, but top of funnel for new games is slowing.
• During the second quarter, AppLovin reported revenue of $1.92 billion compared to an estimated $1.94 billion, according to Fiscal.ai data.

Shares of mobile technology company AppLovin Corp. (APP) generated significant buzz on Friday after dipping below the $300 mark for the first time since May 2025.

As of this writing, the shares traded near $300.

Piper Sandler’s New Target On APP

The stock also drew investor attention after Piper Sandler reduced its price target by $60 to $325 from $385, while keeping a ‘Neutral’ rating on the shares. According to TheFly, Piper believes the business remains high-quality, but the recent second-quarter (Q2) print raised concerns about the sustainability of growth. 

However, Piper Sandler noted that a reset in expectations could create a more positive setup in the near term.

Last week, Wells Fargo also trimmed its target on the stock to $325 from $357 and kept an ‘Overweight’ rating on the shares. According to TheFly, Wells updated its views on mobile game trends after a challenging Q2. The firm noted that a data deep dive suggests player engagement remains stronger than expected, but top-of-funnel for new games is slowing.

APP’s Q2 Performance

During the second quarter, AppLovin reported revenue of $1.92 billion compared to an estimated $1.94 billion, according to Fiscal.ai data. However, revenue increased 53% year-over-year (YoY). Adjusted earnings per share (EPS) stood at $3.76 compared to an estimated $3.74.

The company’s net income during the quarter rose 55% YoY to $1.27 billion while adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) rose 58% YoY to $1.614 billion. 

What Retail Thinks About APP

On Stocktwits, retail sentiment surrounding APP shares continued to trend in the ‘bullish’ territory.

One user on the platform believes the stock is oversold.

View this Stocktwits post

Another user sees the possibility of the stock falling to as low as $200.

View this Stocktwits post

APP shares have lost over 50% this year.

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