- Oppenheimer analyst Martin Yang raised the price target on AppLovin Corp APP to $95 from $75, implying a 13% upside, and keeps an Outperform rating.
- The analyst notes AppLovin announced that it has entered into a definitive agreement to acquire Twitter Inc's TWTR MoPub business for $1.05 billion in cash.
- Yang believes MoPub is potentially one of the most strategically important assets for AppLovin, and it will help establish AppLovin as a top mobile ad mediation platform alongside Alphabet Inc's GOOG GOOGL Google, and IronSource Ltd IS.
- With MoPub, AppLovin will offer an industry-leading mediation solution to its customers, which is also highly complementary to its user growth engine, AppDiscovery, he contends.
- Overall, the analyst believes the transaction will enhance the long-term growth outlook for AppLovin's high-margin Software Platform business.
- Price Action: APP shares traded higher by 9.12% at $84.02 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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