Bank of America (BofA) has reiterated its 'Buy' rating on AppLovin Corporation (APP), maintaining a price target of $580. Analysts at BofA argue that the current valuation of APP shares, which fell to $331 on February 26 from over $500 a week earlier, reflects a discount to peers that is unwarranted. The firm's price target is based on a multiple of 35 times expected EBITDA for the fiscal year 2026. They project a compound annual growth rate (CAGR) of 51% in EBITDA, driven by strong growth in the advertising technology sector. The recent decline in APP's share price implies a valuation of 20 times expected EBITDA for the same period, suggesting potential upside for investors.