Goldman Sachs downgraded AppLovin to Neutral from Buy with a price target of $150, up from $103, citing balanced risk/reward ahead of quarterly results. The firm made upward revisions to its revenue forecasts reflecting the current Software offering driven by AXON 2.0. Goldman also found that AppLovin is positively tracking against broadly stable/strong ad industry trends. In addition, the firm’s industry work would imply a relative stability in the company’s Apps segment as the company has articulated a strategy to strike a balance between growth and margins in that segment.
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