Jefferies analyst Andrew Uerkwitz upgraded AppLovin to Buy from Hold with a price target of $50, up from $20. The analyst now has greater confidence in the company’s market share gains and price taking in its mobile ad tech segment. AppLovin has found a bottom in its mobile game segment and the stock offers “call options” on adjacent market growth with the non-gaming app and connected TV advertising, the analyst tells investors in a research note.
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