AppLovin Stock Hits New Highs: Analyst Predicts $115 Price Target
Wednesday, 15 May 2024, 09:09
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Macquarie analyst Tim Nollen raised AppLovin's price target to $115, citing the company's impressive performance and growth prospects. The AI-powered app discovery platform posted robust financial results, surpassing revenue and earnings expectations.
Key Highlights:
- Revenue Growth: AppLovin's Q1 revenue surged 48% year over year to $1.06 billion.
- Platform Success: Software platform revenue jumped 91%, driving strong EBITDA growth.
- Industry Trends: The rebound in advertising, especially in connected TV, and the shift away from ad-tracking cookies favor AppLovin's market position.
Is it a buy? Despite the stock's significant gains, AppLovin remains an attractive investment at just 15 times forward earnings, backed by strong growth prospects in the digital advertising sector.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.