AppLovin Corp (NASDAQ:APP) shares are moving higher Tuesday. The company’s subsidiary Wurl announced a collaboration with Amazon’s Prime Video. Here’s what you need to know.
What To Know: Wurl on Tuesday said it teamed up with Prime Video to support the portfolio of live TV channels available for Prime members in Germany, helping with the launch of the Prime channel.
The new live TV channel will leverage Wurl’s Global FAST Pass solution for the launch and focus on premium Prime Video entertainment. Wurl will also help Prime Video monetize its channel and access data to help the company better understand and retain viewers.
"Prime Video is leading the way in helping to accelerate the industry by bringing premium live entertainment content to audiences – and we're thrilled to be working alongside them to make that happen,” said Keith Bedford, General Manager, EMEA at Wurl.
AppLovin shares also appear to be getting a boost on Tuesday from positive analyst coverage from Scotiabank.
Scotiabank analyst Nat Schindler initiated coverage on AppLovin with a Sector Outperform rating and set a price target of $430 late Monday. The analyst highlighted three main points driving the initiation, including the company’s AXON engine, AppLovin’s expansion to smaller brands and its first-party data and on-device footprint through its software development kit.
Schindler said the company is positioned to become an “indispensable” infrastructure layer for digital marketing through performance advertising, adding that AppLovin is an “at-scale walled garden” for in-app ads, which gives the company pricing power.
“Seldom does a company come around that operates in such rarefied air that not only has it blown through the Rule of 40 into the triple digits (EBITDA margin plus revenue growth), but the number keeps growing as the company gets more efficient,” the Scotiabank analyst wrote in the note.
AppLovin has a Street-high target of $650 and is well off its 52-week highs of $525.15, according to Benzinga Pro. The company has been targeted by multiple short sellers this year.
APP Price Action: AppLovin shares were up 2.55% at $353.80 at the time of publication Tuesday, according to Benzinga Pro.
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