AppLovin Corp (APP) PT Raised to $75 at Oppenheimer

Oppenheimer analyst Martin Yang raised the price target on AppLovin Corp (NASDAQ: APP) to $75.00 (from $70.00) while maintaining an Outperform rating.

The analyst commented, "APP beat on sales and margin for 2Q results and subsequently raised 2021 guidance. All operation metrics indicate substantial growth momentum. Organic sales growth was 97%, enterprise clients (>$125K) more than tripled (doubled if excluding Adjust). Business software revenue more than tripled and is approaching $600M annualized ($900M if including APP's spending on its own games). Adj. EBITDA margin expanded to 27% from 20% in 2Q20, as share of high margin software sales increase to 22% from 14% in 2Q20. App revenue (in-game purchase + in-game ads sales from apps published by APP) grew 80% organically (102% total) Y/Y as if IDFA showing negligible impact from Apple's ATT Framework. We raise our FY22E revenue/adj. EBITDA by 2%/3%. We also raise our PT from $70 to $75."

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