AppLovin stock scored a bullish analyst report Monday following the company's strong showing at the Mobile Apps Unlocked conference in Las Vegas last week.
Oppenheimer analyst Martin Yang reiterated his outperform rating on AppLovin stock and raised his price target to 85 from 70.
On the stock market today, AppLovin stock rose 4.4% to close at 78.05. Earlier in the session, it notched a two-year high of 78.29.
In a client note, Yang said he is incrementally more positive on the mobile app marketing company after MAU Vegas, a conference for the mobile app industry. The three-day conference ended Thursday.
"Compared to two years ago, we notice AppLovin has taken meaningful mindshare among mobile advertisers and publishers," Yang said. "In many conversations, AppLovin was ranked among the top self-reporting networks such as (Alphabet unit) Google and Meta."
AppLovin Stock Called 'Top Pick'
Further, Apple's Privacy Manifest and Google's Privacy Sandbox are unlikely to pose additional headwinds for the mobile user acquisition environment in 2024, Yang said.
"Bottom line: APP remains the top pick in our coverage for its superior execution, financial profile, and growth momentum," Yang said.
AppLovin stock has been on a tear since the Palo Alto, Calif.-based company delivered a beat-and-raise report for the fourth quarter on Feb. 14. It plans to release its first-quarter results on May 8.
AppLovin's software platform enables app developers to market, monetize and analyze their apps. The company also makes mobile games such as "Bingo Story," "Game of War" and "Solitaire Cruise."
AppLovin stock has a best-possible IBD Composite Rating of 99, according to IBD Stock Checkup.
Also, AppLovin stock is on the IBD Tech Leaders list.
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