Evercore ISI analyst Robert Coolbrith reiterated a Buy rating and $835 price target on AppLovin (APP), noting the decline in the shares possibly in reaction to Google’s (GOOGL) Project Genie, an AI platform for prompt-based generation of infinite, open world digital experiences. The firm views the move as “incorrect directionally,” as it believes Genie will ease production of game content, increasing total game content availability in the market, and in turn increasing the relative importance and value capture opportunity of game discovery layers, chiefly AppLovin. The firm also views AppLovin as at least a layer removed from AI-related concerns regarding the health of the open world gaming ecosystem specifically.
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