AppLovin price target raised to $85 from $70 at Oppenheimer

Oppenheimer analyst Martin Yang raised the firm’s price target on AppLovin to $85 from $70 and keeps an Outperform rating on the shares upon positive checks at MAU Vegas, an industry conference for mobile growth professionals, held last week. Compared to two years ago, the firm notices AppLovin has taken meaningful mind share among mobile advertisers and publishers. In many conversations, AppLovin was ranked among the top self-reporting networks such as Google (GOOGL) and Meta (META). Moreover, Oppenheimer believes platform-related topics such as Apple’s (APPL) Privacy Manifest and Google’s Privacy Sandbox are unlikely to pose additional headwinds for the mobile user acquisition environment in 2024. AppLovin remains the top pick in the firm’s coverage for its superior execution, financial profile, and growth momentum, Oppenheimer says.