AppLovin price target raised to $100 from $87 at BTIG

BTIG analyst Clark Lampen raised the firm’s price target on AppLovin to $100 from $87 and keeps a Buy rating on the shares. The company’s Q1 results significantly exceeded consensus and a higher buy-side bar on stronger AppDiscovery trends and a sequential uptick in MAX from bidded mix shifts, the analyst tells investors in a research note. With a more bullish view of the gaming opportunity, there is also consequently less onus on the eCommerce business near-term, though AppLovin is making progress that’s translating to a higher degree of confidence around the channel extension, the firm added.