REAL-TIME GLOBAL RESEARCH
AppLovin (APP.O): AppLovin Ads Week 30: Solid US Growth
Research evidence excerpt
AppLovin (APP.O): AppLovin Ads Week 30: Solid US Growth
lity and fundamental criteria. Stocks will either have no risk rating or a High risk
rating assigned.
Investment Ratings: Citi Research investment ratings are Buy, Neutral and Sell. Our ratings are a function of analyst
expectations of expected total return ("ETR") and risk. ETR is the sum of the forecast price appreciation (or depreciation) plus
the dividend yield for a stock within the next 12 months. The target price is based on a 12 month time horizon. The Investment
rating definitions are: Buy (1) ETR of 15% or more or 25% or more for High risk stocks; and Sell (3) for negative ETR. Any covered
stock not assigned a Buy or a Sell is a Neutral (2). For stocks rated Neutral (2), if an analyst believes that there are insufficient
valuation drivers and/or investment catalysts to derive a positive or negative investment view, they may elect with the approval
of Citi Research management not to assign a target price and, thus, not derive an ETR. Citi Research may suspend its rating
and target price and assign “Rating Suspended” status for regulatory and/or internal policy reasons. Citi Research may also
suspend its rating and target price and assign "Under Review" status for other exceptional circumstances (e.g. lack of
information critical to the analyst's thesis, trading suspension) affecting the company and/or trading in the company's
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chart. Prior to 11 April 2022 Citi Research assigned “Under Review” status to both situations and prior to 11 Nov 2020 only in
exceptional circumstances. As soon as practically possible, the analyst will publish a note re-establishing a rating and
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