AppLovin (APP) the Best Category Leader in Mobile Ad Network Space - Morgan Stanley
- Wall Street ends mixed; Salesforce selloff pressures Dow
- Ulta Beauty (ULTA) raises FY22 outlook, tops earnings, revenue estimates
- S&P 500 to re-test lows in H1 and then rally to 4200 on Fed pivot signal - JPMorgan
- Zscaler shares plunge 11% despite Q1 & guidance beat
- Salesforce (CRM) drops after soft results, MS sees attractive valuation
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Morgan Stanley analyst Matthew Cost resumed Shares of AppLovin (NASDAQ: APP) at Overweight with a $35 price target on Friday.
Cost told investors in a note that the firm remains constructive on the app economy despite the macro uncertainty but takes a more pragmatic approach to estimates as they reduce 2023/2024 EBITDA by 15%/19%.
However, they continue to see Applovin as a "category leader that screens attractively."
"The resilience of the app economy through a macro downturn remains top of mind for investors. As we have written previously, our study of past recessions shows that spending on gaming (and recall that mobile game advertising make up the vast majority of APP's business) has been remarkably resilient through historical downturns," wrote Cost.
"We Remain Bullish on APP's Best In Class Execution and Note That ValuationScreens Attractively vs. Peers: While we take a more pragmatic view on numbers, we remain bullish on APP as the best executor/category leader in the mobile ad network space. To that point, we expect APP to remain a share gainer vs. competitors (even in choppy markets), as their investments in data and engineering continue to pay off in the coming years," he added.
By Sam Boughedda
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Stifel Starts Coherent (COHR) at Buy
- BofA Securities Starts Day One Biopharmaceuticals (DAWN) at Buy
- XPeng (H-Shares) (9868:HK) (XPEV) PT Raised to HK$34.78 at Citi, 5 Reasons to Stay 'Sell'
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, New Coverage
Related EntitiesMorgan Stanley
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!