Jefferies reiterates Buy rating on AppLovin after management meetings

Jefferies hosted AppLovin (APP) management this week and remains bullish on the long-term opportunity, as well as the near-term steps the company is taking to build “a multibillion dollar e-commerce ad business,” the analyst tells investors. Customers seeing returns and spending on AppLovin is “the ultimate proof-point,” and data remains positive, says the analyst, who sees the company building the tools to scale e-commerce, solving for measurement and attribution before launching self-serve in second half. The firm reiterates a Buy rating and $600 price target on shares following the meetings.