AppLovin initiated with an Overweight at Wells Fargo

Wells Fargo last night initiated coverage of AppLovin (APP) with an Overweight rating and $200 price target The firm sees similarities between AppLovin’s market position in mobile games and Google in programmatic, after purchasing DoubleClick in 2008. As a result, it expects AppLovin to continue capturing share and beating revenue estimates in the $34B sector. The mobile game user acquisition market is large enough for AppLovin to compound 20-30% software revenue growth through 2027, the analyst tells investors in a research note.