AppLovin share price rises as analysts show their enthusiasm. $APP (-1,89%)

AppLovin ( APP ) shares shot up sharply on Monday following two optimistic analyst reports. Shares in the mobile app marketing platform hit an all-time high following the news.

Analyst Omar Dessouky from BofA Securities reiterated his buy recommendation for AppLovin shares and raised his price target from 120 to 210.

In a note to clients, Dessouky said he believes last year's launch of Axon 2.0, AppLovin's AI engine, initiated a transformation in terms of growth and profitability that "has been slow to be recognized in the markets and on Wall Street."

Dessouky said he has more confidence in AppLovin's core business, which is mobile game advertising. He raised his revenue and profit forecasts for the next two years.

AppLovin's software platform allows app developers to market, monetize and analyze their apps. The company also produces mobile games such as "Wordscapes", "Matchington Mansion" and "Game of War".

AppLovin share on the list of technology leaders

Elsewhere on Wall Street, Jefferies analyst James Heaney maintained his buy recommendation on AppLovin's stock and raised his price target from 108 to 175.

Heaney pointed to positive results from his company's quarterly ad tech survey on mobile games. Respondents forecast accelerated growth in mobile game advertising spend in 2025, he said.

"The consistently positive data from our survey suggests that AppLovin should be able to sustain 20 to 30 percent revenue growth in the software platform for at least the next two years," Heaney said in a client release.

https://www.investors.com/news/technology/applovin-stock-jumps-on-bullish-reports/