Truist analyst Matthew Thornton lowered the firm’s price target on AppLovin (APP) to $17 from $29 but keeps a Buy rating on the shares. The analyst is updating the firm’s model to enterprise value to sales multiples for Platform to be inline with Unity (U) and its Apps enterprise value to expected EBITDA to be inline with Playtika (PLTK), the firm tells investors in a research note. Truist maintains a positive view on the name however and sees AppLovin benefiting from secular growth trends around mobile apps, gaming, CTV, and digital marketing.
Published first on TheFly
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