Docoh
Loading...

Thu. 7 Oct 2021, 11:43am ETBenzinga
In: Analyst Color, News, Price Target, Reiteration, Analyst Ratings, Movers, Tech, Trading Ideas
  • Oppenheimer analyst Martin Yang raised the price target on AppLovin Corp (NASDAQ:APP) to $95 from $75, implying a 13% upside, and keeps an Outperform rating.
  • The analyst notes AppLovin announced that it has entered into a definitive agreement to acquire Twitter Inc's (NYSE:TWTR) MoPub business for $1.05 billion in cash. 
  • Yang believes MoPub is potentially one of the most strategically important assets for AppLovin, and it will help establish AppLovin as a top mobile ad mediation platform alongside Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) Google, and IronSource Ltd (NYSE:IS). 
  • With MoPub, AppLovin will offer an industry-leading mediation solution to its customers, which is also highly complementary to its user growth engine, AppDiscovery, he contends. 
  • Overall, the analyst believes the transaction will enhance the long-term growth outlook for AppLovin's high-margin Software Platform business.
  • Price Action: APP shares traded higher by 9.12% at $84.02 on the last check Thursday.