Jefferies analyst Andrew Uerkwitz initiated coverage of AppLovin with a Hold rating and $14 price target. The analyst does not believe mobile advertising "is broken long-term following platform privacy changes," but he does expect 2023 to be "another tough year" as the industry continues to "reorient itself." Uerkwitz’s estimates re below the Street on AppLovin’s own games business. He has a cautious view "until we find a bottom in estimates."
Published first on TheFly
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