Wells Fargo keeps AppLovin stock at Equal Weight with USD 325 target

Published on 10/01/2026 at 16:07 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Wells Fargo kept Equal Weight on September 30, 2026. AppLovin stock was EUR 252.90 in trading versus EUR 256.78, down 1.51 percent.

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AppLovin Corporation (ISIN US03831W1080) was trading at EUR 252.90 at Lang & Schwarz on October 1, 2026 at 4:01 p.m. CEST, down 1.51 percent versus the prior close of EUR 256.78. The immediate market focus is Wells Fargo, which reiterated an Equal Weight rating and a USD 325.00 price target on September 30, 2026, according to Investing.com.

Wells Fargo questions e-commerce growth

The Wells Fargo note cited e-commerce pixel data from June through August 2026 and described the go-to-market rebuild as early, with a meaningful growth inflection unlikely before 2027. Investing.com reported that the bank identified roughly 220 new merchant websites per week and found that the share of newly added sites with no measurable traffic had reached 85.00 percent, compared with 30.00 percent before June 2026.

Revenue still grew 53 percent

The operating picture is more powerful than the caution around customer acquisition. AppLovin reported USD 1.92 billion of revenue in the second quarter of 2026, up 53.00 percent from the same quarter a year earlier, while net income rose 55.00 percent to USD 1.27 billion, according to Yahoo Finance. Adjusted EBITDA increased 58.00 percent to USD 1.61 billion, and free cash flow reached USD 863.00 million in the same period.

Management's third-quarter 2026 revenue outlook was USD 2.06 billion to USD 2.09 billion, implying another sequential increase from second-quarter revenue, while the market is weighing that forecast against the slower e-commerce ramp. The contrast is clear: AppLovin continues to post rapid financial growth, but the latest analyst evidence challenges the speed of its next expansion phase.

Legal overhang adds a second risk

A separate securities lawsuit has widened the risk discussion. GlobeNewswire reported on September 30, 2026 that Kaplan Fox said a proposed class action covers purchases made between February 12, 2026 and August 5, 2026, with a lead-plaintiff deadline of November 16, 2026. The allegations concern AppLovin Ads, artificial intelligence model performance and delays involving a generative artificial intelligence video tool.

Stock trades below prior close

On Nasdaq, APP was quoted at USD 285.35 at 10:05 a.m. ET on October 1, 2026, while its finance-data 52-week range was USD 283.60 to USD 738.01. AppLovin's market capitalization was USD 95.9 billion at the same market-data snapshot, putting the company's valuation against both its strong second-quarter growth and the new doubts about e-commerce execution.

The further course of trading is shown by the continuously updated real-time quote of AppLovin stock.