Oppenheimer lowered the firm’s price target on AppLovin (APP) to $500 from $560 and keeps an Outperform rating on the shares. The firm says that the company’s Q1 results prove that macro-related growth deceleration fears are overblown. Its advertising business achieved 16% quarter-over-quarter growth from a seasonally strong Q4 and delivered 81% adjusted EBITDA margin. Management views its low market penetration and overwhelming demand in non-gaming advertising as effective protection against potential macroeconomic headwinds in the U.S. Oppenheimer came away impressed with AppLovin’s execution and focus.
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