AppLovin stock received price-target hikes from two Wall Street analysts on Friday as the app marketing and advertising software company trades at record levels.
Investment firms Piper Sandler and UBS reiterated their buy ratings on the stock as they upped their targets.
Piper Sandler increased its price target to 740 from 500, while UBS hiked its target to 810 from 540.
On the stock market today, AppLovin stock rose 4.7% to close at 669.86. Earlier in the session, it notched an all-time high of 671.18.
UBS analyst Chris Kuntarich said AppLovin stock is a "top pick" in his coverage.
"Over the next 12 months, we expect APP to execute on a combination of demand and supply expansion initiatives that could improve the efficacy of Axon 2.0 and in turn deliver estimate and multiple upside," Kuntarich said in a client note. Axon 2.0 is AppLovin's AI-powered advertising engine, which matches advertiser demand with publisher supply.
Piper Sandler analyst James Callahan said he is bullish on AppLovin, saying it has the "potential to be a top advertising player."
"We're excited about the Axon Ads Manager soft launch on Oct. 1," he said in a client note.
AppLovin stock is on four IBD lists: IBD 50, Big Cap 20, Leaderboard and Tech Leaders.
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