"Black put a $705 price target on AppLovin's shares, which represents a significant upside of about 17% compared to the stock's current price. The analyst says AppLovin dominates in mobile game user acquisition -- with more than 1 billion daily active users -- and that the company has "best-in-class" advertising technology. Black also estimates AppLovin will have revenue growth between 20% to 30% year over year in the coming years."
"Investors will get more insight into how the company is doing when AppLovin reports its third-quarter results on Nov. 5. The company's management has issued revenue guidance of $1.33 billion and adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA) of $1.08 billion, both at the midpoint of guidance. AppLovin's share price has already soared about 292% over the past year and, if Black's estimates prove correct, shareholders could have more to look forward to."
AppLovin received a buy rating accompanied by a $705 price target, implying roughly 17% upside from the current price. The company leads mobile game user acquisition with more than 1 billion daily active users and operates advertising technology described as best-in-class. Revenue growth is estimated at 20% to 30% year over year in coming years, with expectations that expanding e-commerce ad share will diversify revenue streams. Management provided third-quarter guidance of $1.33 billion in revenue and $1.08 billion in adjusted EBITDA at the midpoint. Shares have risen about 292% over the past year, indicating strong investor interest.
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