AppLovin assumed with a Buy at Jefferies

Jefferies analyst James Heaney assumed coverage of AppLovin with a Buy rating and price target of $93, up from $70. Even with the stock up 80% year-to-date, there is further upside, as AppLovin’s multiple is still cheap, the analyst tells investors in a research note. The firm expects continued upward revisions in the company’s “high growth” software platform.