Analysts at BofA Securities, who raised the mobile app technology company’s shares on Wednesday, said Applovin’s stock still has room to grow.
Omar Desuki upgraded Aprobin (NYSE: APP) to Neutral Buy and raised his 12-month price target on the stock to $27 from $21.
Applovin’s stock recently rose 7% to $24.48.
Analysts at BofA Securities, who raised the mobile app technology company’s shares on Wednesday, said Applovin’s stock still has room to grow.
Omar Desuki upgraded Aprobin (NYSE: APP) to Neutral Buy and raised his 12-month price target on the stock to $27 from $21.
Shares of Aprovin rose 7% in recent trading to $24.48, on pace for its highest closing price since September 2022, according to Dow Jones Market Data. The company’s stock is up 132% this year.
In a research note, Dessouky cites confidence in the company’s new machine learning engine, Axon 2.0, as the reason for the upgrade.
“We upgrade Applovin to Buy based on our view that the new machine learning engine (Axon 2.0) will accelerate revenue growth in 2023,” the analyst wrote. “We expect his phased rollout of Axon 2.0 beginning in Q2 will deliver cumulative performance improvements in 2023, leading to a series of quarterly guidance updates.”
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Axon 2.0 is an updated version of the company’s current product, Axon, which uses data to match app users with relevant advertising content.
BofA’s upgrade comes after the company last week posted second-quarter earnings guidance that beat Wall Street’s expectations.
Please email Angela Palumbo at angela.palumbo@dowjones.com.
