Applovin To Gain From High-Margin Software Platform Business In Q2: Analyst Raises Expectations
Portfolio Pulse from Nabaparna Bhattacharya
Stifel analyst David Pang has reiterated a Buy rating on Applovin Corporation (NASDAQ:APP), raising the price target to $36 from $22.50. Pang forecasts growth in Applovin's software platform business in Q2, with AEBITDA growth of +9% y/y to $294 million. The software platform revenue is expected to contribute 51% of total revenues, increasing by 17% y/y (+5% q/q) to $372 million. Pang also raised Applovin's forecast for AEBITDA of $1.202 billion and $1.386 billion for 2023 and 2024, respectively.
August 04, 2023 | 10:10 am
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Stifel analyst David Pang has reiterated a Buy rating on Applovin Corporation, raising the price target to $36 from $22.50. This is based on the forecasted growth in Applovin's software platform business in Q2.
The analyst's positive outlook on Applovin's software platform business and the raised price target indicate a potential increase in the company's stock price. The forecasted growth in the software platform business, which is expected to contribute 51% of total revenues, is likely to positively impact the company's financial performance and thus its stock price.
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IMPORTANCE 90
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