Jun. 29 at 10:52 AM
$APP AppLovin initiated with a Strong Buy at Raymond James
Raymond James initiated coverage of AppLovin with a Strong Buy rating and
$640 price target. The bullish thesis on Liftoff is driven by expansion into e-commerce advertising, sustained 20%-30% core ad growth supported by continuous AI model improvements, increasing monetization of mobile in-app advertising budgets, and a strong financial profile with high revenue growth, very high EBITDA margins, and near-complete free cash flow conversion that could justify a premium valuation, the analyst tells investors in a research note.