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

Wedbush raised the firm’s price target on AppLovin to $100 from $87 and keeps an Outperform rating on the shares. The firm says AppLovin delivered “stellar” Q1 results that it attributed in large part to enhancements within the A.I. models for its advertising product AXON 2.0. Wedbush is confident that the company can easily exceed its Q2 topline guidance, and sees plenty of room to run on the gaming side of the business. In addition, the firm sees opportunities for the company to expand on the non-gaming side.