Shares of Applovin were given an upgrade Wednesday by Omar Dessouky of BofA Securities. Mr. Dessouky changed the rating to Buy from Neutral and increased the stock’s 12-month price target to $27 from $21. In response, Applovin shares were up 7%, nearing a record high since September 2018.
The company is confident in its most recent innovation, Axon 2.0, which factored into the analyst’s decision to upgrade the stock. Axon 2.0 is a machine learning engine used to match mobile app users with relevant advertising content. As the company continues with the stage rollout of Axon 2.0, beginning in the second quarter, performance improvement is expected to lead to consecutive quarters of beating estimates.
Applovin is a mobile app technology company that helps businesses of all sizes deliver relevant ads to customers. Founded in 2012, Applovin has since grown to become one of the leading platforms for mobile ad monetization, serving over 330,000 mobile app developers and content providers around the world. The platform offers tailored solutions for optimizing user acquisition, revenue, and in-app user engagement.
Omar Dessouky is a mobile technology analyst at BofA Securities. His research focuses on the mobile app development market, including Applovin. He has extensive experience in technology, recently serving as a senior analyst for App Annie, a mobile app data and analytics platform. Mr. Dessouky also previously worked in product management at Google and holds a Master’s degree in Computer Science from Stanford University.
