UBS analyst John Hodulik downgraded AppLovin to Neutral from Buy with a price target of $16, down from $59. The analyst believes AppLovin’s software business is well positioned to benefit from growth in the app economy, but says macro uncertainty, measured advertising spend and lower visibility limits upside to the shares. The firm reduced estimates to reflect lower spending in the current environment and nows look for 1% core software revenue growth and 13% apps revenue declines in 2023.
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