AppLovin initiated with a Neutral at Daiwa

Daiwa initiated coverage of AppLovin with a Neutral rating and $80 price target. AppLovin is an advertising tech company whose solutions provide developers with ways to grow mobile apps, the analyst tells investors in a research note. The firm says the company is a niche player in a $131B digital ad spending in-app market estimated for 2024 in the U.S. This is a large market with equally large competitors, says Daiwa. It cites valuation for the Neutral rating.