Analysts continue to see sharp upside despite slashing their price targets on Digital Turbine Inc (NASDAQ: APPS) post Q3 beat.
Macquarie analyst Tim Nollen lowered the firm's price target on Digital Turbine to $70 from $80 (41.6% upside) and kept an Outperform.
Nollen rolled his valuation reference year to FY23 and adjusted his multiple.
Q3 results, including 38% organic revenue growth, confirm his view that IDFA changes are a net positive for Digital Turbine, Nollen notes.
Maxim analyst Allen Klee lowered the price target to $108 from $132 (118% upside) to reflect its peer group valuation compression but reiterated a Buy rating on the shares after its Q3 earnings beat.
Digital Turbine has transformed into a $1 billion-plus annual revenue company with significant mobile ad-tech solutions and competitive advantages with SingleTap, customer data, and independence with limited exposure to Apple Inc's (NASDAQ: AAPL) IDFA privacy rule changes, the analyst adds.
Price Action: APPS shares traded higher by 7.46% at $49.41 on the last check Wednesday.
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