AppLovin Corp (NASDAQ:APP) is one of the best growth stocks to buy and hold forever. On September 23, analysts at Oppenheimer raised the stock’s price target by $240 to $740, while reiterating an ‘Outperform’ rating.

The significant price target hike underscores the research firm’s confidence in the company’s non-gaming advertising and long-term growth drivers. AppLovin raised its non-gaming revenue forecast to $312 million, up from $250 million. Oppenheimer has also raised the company’s revenue estimates to $8.6 billion, as it also expects $7.2 billion in adjusted EBITDA, implying a margin of 83%.

The research firm expects AppLovin Corp to benefit from an increase in near-term spending by brands, especially during the holiday season. It also expects the company to capitalize on new client sign-ups through agencies and e-commerce platforms.

Applovin Corp (NASDAQ:APP) provides marketing software and a platform for businesses to grow, monetize, and market their mobile apps. Its solutions include AI-powered advertising tools, such as AppDiscovery, to match ads with audiences, and monetization platforms like MAX to optimize in-app advertising revenue.

While we acknowledge the potential of APP as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 14 Best FMCG Stocks to Invest In and 13 Best Cryptocurrency Stocks to Buy According to Wall Street Analysts

Disclosure: None. This article is originally published at Insider Monkey.