tiprankstipranks
AppLovin initiated with an Overweight at Wells Fargo
The Fly

AppLovin initiated with an Overweight at Wells Fargo

Wells Fargo last night initiated coverage of AppLovin (APP) with an Overweight rating and $200 price target The firm sees similarities between AppLovin’s market position in mobile games and Google in programmatic, after purchasing DoubleClick in 2008. As a result, it expects AppLovin to continue capturing share and beating revenue estimates in the $34B sector. The mobile game user acquisition market is large enough for AppLovin to compound 20-30% software revenue growth through 2027, the analyst tells investors in a research note.

Don't Miss Our Christmas Offers:

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App