Digital Turbine upgraded at Canaccord on improved valuation

Aug. 31, 2021 8:38 AM ETDigital Turbine, Inc. (APPS)By: Brandy Betz, SA News Editor30 Comments

Omni channel technology of online retail business.
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  • Highlighting the company's improved value proposition, Canaccord Genuity upgrades Digital Turbine (NASDAQ:APPS) from Hold to Buy and raises the price target from $80 to $95.
  • Analyst Austin Moldow notes that the firm downgraded AAPS late last year "as valuations across the industry became frothy, the post-pandemic pop started to normalize, and competitive intensity ticked up."
  • The company has now gotten stronger with its transition into "a full phone lifecycle monetization engine" thanks to the addition of in-app advertising, which grew the total addressable market.
  • Moldow notes that Digital Turbine's valuation has "become more reasonable" and the fundamentals have improved up to justify the valuation.
  • Digital Turbine shares are up 9.4% pre-market to $56.10.
  • The company is also rallying on the news late yesterday that Digital Turbine will join the S&P MidCap 400 index.

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