Mobile Performance Ad Leader, But Fairly Priced; Initiate at Equal-weight

Research evidence excerpt

Mobile Performance Ad Leader, But Fairly Priced; Initiate at Equal-weight

Foundation

June 29, 2026 04:19 AM GMT

Morgan Stanley & Co. LLCMLiftoff Mobile Inc. | North America Matthew Cost

Equity Analyst

Mobile Performance Ad Leader, Matthew.Cost@morganstanley.comBrian Nowak, CFA +1 212 761-7252

Brian.Nowak@morganstanley.com +1 212 761-3365

But Fairly Priced; Initiate at Cela VanLieshout

Research Associate

Cela.Vanlieshout1@morganstanley.com +1 212 761-2679

Equal-weight Julian Herrera

Julian.Herrera@morganstanley.com +1 212 761-1784

LFTO has the opportunity to gain share in the in-app ad market Gregory Gao

by building on its non-gaming leadership and strong tech. We Research Associate

Greg.Gao@morganstanley.com +1 212 296-3125

see a path to ~20% revenue growth and continued margin Kavya A Narayanan

expansion ahead. That said, valuation appears fair as we initiate ResearchKavya.Narayanan@morganstanley.comAssociate +1 212 761-4183

at EW and await a better entry point. Nikhil Javeri

A Scaled Mobile Performance Advertising Platform, With Significant Nikhil.Javeri1@morganstanley.com +1 212 761-3742

Opportunity Beyond Gaming: Liftoff is an independent mobile advertising platform Liftoff Mobile Inc. (LFTO.O, LFTO US)

that helps app developers acquire, re-engage, and monetize users across the Internet | United States of America

broader app economy. The company operates a unified DSP and SSP platform Stock Rating Equal-weight

powered by Cortex, its proprietary neural-network prediction engine, which Industry View Attractive

Price target $30.00

continuously improves campaign performance through self-learning and data Shr price, close (Jun 26, 2026) $27.39

Mkt cap, curr (mm) $5,088

feedback loops. While mobile gaming remains an important part of the business,