AppLovin price target raised to $114 from $100 at BTIG

BTIG raised the firm’s price target on AppLovin to $114 from $100 and keeps a Buy rating on the shares, citing the firm’s Gaming Ad checks and the total addressable market runway in Gaming. With the performance gap between AppLovin and peers steady or expanding lately, there is room for healthier AppDiscovery performance and 20% Software revenue growth through FY25, driven primarily by the gaming operation, the analyst tells investors in a research note. BTIG adds that AppLovin is helping engineer growth of overall industy spend, and the firm believes the company can overcome the current inertia with small/mid-size publisher budget increases given room to continue expanding share with large publishers.