AppLovin Corp. shares have made it a recent habit of surging after earnings, and Thursday's move was no exception.
AppLovin Corp. shares have made it a recent habit of surging after earnings, and Thursday’s move was no exception as analysts applauded a successful rollout of the app-monetization company’s artificial-intelligence-based ad-targeting engine.
The current rally is more in the neighborhood of what AppLovin’s stock notched after its prior two earnings reports, which highlighted signs of improvement in the mobile-ad market, and it puts the stock on track for its largest single-day percentage gain since Feb. 9, 2023, the session following the first of those two earlier reports.
“While we expect the short-term investor debates to stay focused on the volatility in the advertising/gaming end markets, we continue to look long-term at the collection of businesses under AppLovin as producing above-average industry growth and a strong margin profile in a recovered mobile ads/mobile gaming landscape,” Sheridan said.
D.A. Davidson analyst Franco Granda, who has a buy rating and raised his price target to $40 from $32, said AppLovin’s results and outlook “easily surpassed expectations” for Axon 2.0. JPMorgan analyst David Karnovsky, who has a neutral rating on the shares, raised his price target to $36 from $21 given Axon 2.0’s performance and “easing concern” over potential changes to Apple Inc.’s AAPL iOS or Alphabet Inc.’s GOOG Android platform.
Even with all those gains, AppLovin shares are still trading lower than they were at this time last year. The stock’s price is 9% off its close of $40.46 on Aug. 10, 2022. In comparison, Unity shares are 33% off a year ago, when they closed at $55.57, while there has been a 6% gain on the S&P 500 and a 6.5% gain on the Nasdaq.
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