HSBC initiated coverage of AppLovin with a Buy rating and $53.20 price target. As the market leader in mobile app install advertising with a lead in AI solutions, AppLovin is well-positioned to benefit from the budding recovery of the segment, the analyst tells investors in a research note. The firm expects market share gains in user acquisition as AI engine Axon 2.0 improves with scale and as new marketing channels like CTV come on board, and a boost to publishing platform revenues from the partnership with Google’s mobile apps ad network.
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