AppLovin Corp. shares rallied again Wednesday after a Wall Street analyst upgraded the stock and said the app-monetization company’s advancements in artificial intelligence puts it ahead of the competition.
AppLovin APP shares rallied more than 9% to an intraday high of $25.01, and have more than doubled in 2023 — rising more than 133% year to date — after a rough 2022. In the six sessions since the company’s earnings report last week, AppLovin shares have increased nearly 42%, its second-best six-session run, behind a 44.5% jump in May of last year, according to Dow Jones Market Data.
The analyst said AppLovin’s 48% rise year-over-year in revenue per install, while similar metrics at peers implied a decline, was indicative of “a machine learning edge in locating high lifetime value users for app advertisers,” and “market share gains among higher paying advertisers,” said he expects year-over-year pricing momentum to carry on throughout the fiscal year.
The BofA analyst, who upgraded AppLovin to a buy from neutral and hiked his price target to $27, said the staged rollout of AppLovin’s Axon 2.0 engine will accelerate revenue growth in 2023, and offer “clean beat-raise sequences as” the year unfolds.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wall Street braces for stock market chaos as debt-ceiling crisis drags onWall Street is bracing for stock market chaos as the debt-ceiling face-off drags on
Source: BusinessInsider - 🏆 729. / 51 Read more »