Yalla Group Ltd. (YALA) PT Raised to $30 at Oppenheimer on App Driven Upside
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Oppenheimer analyst Bo Pei raised the price target on Yalla Group Ltd. (NYSE: YALA) to $30.00 (from $28.00) on the belief that new apps could drive more upside after the company reported significantly better 4Q and 1Q guidance. Revenue for 4Q of $48.3M (+151 y/y) was 36% above midpoint of guidance. Total MAUs grew 295% y/y, paying users +624% y/y. Ludo revenue surpassed Yalla in 4Q, implying strong adoption and monetization of the chat features.
The analyst reiterated an Outperform rating, stating "YALA's MAU outlook (+15% q/q each '21 quarter) and 1Q revenue guidance do not include its four pipeline products. Parchis/Baloot/101 Okey target the South American/MENA/Turkish markets, respectively, with incremental addressable users of at least 25M. Yalla Chat could become the WeChat for Arabic users, in our view, significantly expanding YALA's TAM."
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