JPMorgan analysts said they are encouraged by mobile gaming trends and expect spending on consoles to improve next year driven by a strong game slate.
The research firm updated its coverage on video game companies, including Roblox Corp. (NYSE:RBLX), Applovin Corp. (NASDAQ:APP) and Electronic Arts Inc. (NASDAQ:EA) ahead of their third-quarter earnings reports.
Roblox: JPMorgan pointed to Roblox as one of the firm's favorite names in the video game industry due to its combination of healthy engagement trends, ads/commerce business ramping and free cash flow seen as compounding at 30% through 2027.
The analysts also highlighted data suggesting Roblox's daily active users (DAUs) are tracking above estimates and potential upside to third-quarter bookings. JPMorgan maintained its Overweight rating on Roblox shares and raised the price target from $50 to $51 ahead of its earnings release on Oct. 31.
Applovin: JPMorgan highlighted Applovin as the leading in-app monetization platform for mobile gaming companies. The firm spoke with industry contacts who reported Applovin accounted for between 40% and 60% of their user acquisition spending.
The analysts expect strong third-quarter results from the company due to stable growth in the mobile gaming industry, but remained neutral on the stock as the firm awaits evidence that Applovin can scale beyond gaming. The firm maintained its Neutral rating on Applovin, but raised the price target considerably, from $57 to $160.
Electronic Arts: The firm pointed to EA's position as the largest pure-play game publisher in the industry that "increasingly favors scale and the largest IP" portfolio. The firm maintained its Neutral rating and $155 price target and said it is looking for "more consistent execution on non-sports titles" from the company.
Electronic Arts will be the first from the group to report its quarterly results on Oct. 29 after the market close. The Street estimates the company will report earnings of $2.02 per share on revenue of $2.036 billion, according to data from Benzinga Pro.
摩根大通分析師表示，他們對手機遊戲趨勢感到鼓舞，並預計在強勁的遊戲市場推動下，明年遊戲機支出將有所改善。
該研究公司在發佈第三季度業績之前更新了對電子遊戲公司的報道，包括Roblox公司（紐約證券交易所代碼：RBLX）、Applovin Corp.（納斯達克股票代碼：APP）和電子藝術公司（納斯達克股票代碼：EA）。
Roblox：摩根大通指出，到2027年，Roblox是該公司在電子遊戲行業中最受歡迎的公司之一，這是由於其健康的參與趨勢，廣告/商務業務的增長以及自由現金流的複合增長將達到30％。
分析師還強調了數據，表明Roblox的每日活躍用戶（DAU）高於預期，第三季度的預訂量可能上漲。摩根大通在10月31日發佈業績之前，維持了對Roblox股票的增持評級，並將目標股價從50美元上調至51美元。
Applovin：摩根大通強調Applovin是移動遊戲公司領先的應用內貨幣化平台。該公司與行業聯繫人進行了交談，他們報告說，Applovin佔其用戶獲取支出的40％至60％。
分析師預計，由於移動遊戲行業的穩定增長，該公司第三季度將取得強勁的業績，但由於該公司正在等待Applovin可以擴展到遊戲以外的業務的證據，因此對該股保持中立。該公司維持對Applovin的中性評級，但將目標股價從57美元大幅上調至160美元。
Electronic Arts：該公司指出，EA作爲業內最大的純遊戲發行商的地位，「越來越偏愛規模和最大的知識產權組合」。該公司維持其中性評級和155美元的目標股價，並表示正在尋求該公司 「更穩定的非體育類遊戲執行」。
Electronic Arts將是該集團首家在收盤後於10月29日公佈季度業績的公司。根據Benzinga Pro的數據，華爾街估計，該公司將公佈每股收益2.02美元，收入爲20.36億美元。
