2025-06-05-Jefferies-AppLovin（APP）_提醒_与PROOF钱包联合创始人的电子商务广告专家电话会议（美国东部时间今天下午3点）_8页_116kb

AppLovin Corp. (APP) is assigned a "BUY" rating with a $530 price target, representing a 31% upside from the current price of $403.83. The company's software solutions help mobile app developers automate marketing and monetization, including its own game portfolio. There is significant e-commerce advertising spend on AppLovin, with discussions focusing on its relative return on ad spend (ROAS), scalability compared to peers, spending trends, and campaign incrementality relative to Meta and Google. Dana Peters, co-founder of PROOF Wallets, leads an expert call on these topics. Risks highlighted include macroeconomic conditions and platform privacy changes. The valuation is based on DCF analysis and forward EBITDA estimates, with potential upside tied to macroeconomic improvements. Analysts involved include James Heaney, Brent Thill, Ed Alter, and Salil Sanjiv.