Clark Lampen, an analyst from BTIG, maintained the Buy rating on AppLovin (APP – Research Report). The associated price target was lowered to $471.00.
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Clark Lampen has given his Buy rating due to a combination of factors that highlight AppLovin’s strong performance and potential for future growth. The company’s first-quarter results surpassed expectations, particularly in advertising revenue, which was significantly higher than anticipated. This was driven by robust growth in both gaming and non-gaming sectors, indicating a healthy demand for AppLovin’s services.
Furthermore, the upcoming self-serve rollout is expected to enhance the company’s performance, with positive feedback suggesting potential success. Despite some uncertainties, Lampen sees the company’s valuation as favorable, especially with the strategic divestiture of its mobile gaming business, which will provide additional capital. These factors, combined with a revised price target reflecting post-quarter adjustments, underpin the Buy rating and position AppLovin as a top pick for BTIG.
According to TipRanks, Lampen is a 5-star analyst with an average return of 29.8% and a 56.36% success rate. Lampen covers the Communication Services sector, focusing on stocks such as Genius Sports Limited, fuboTV, and Roblox.