Macquarie raised the firm’s price target on AppLovin to $115 from $88 and keeps an Outperform rating on the shares post the Q1 report. The advertising market rebounded sharply in Q1, especially in connected TV, and “cookies do not matter but transparency does,” the analyst tells investors in a research note. The firm increased EBITDA estimates on a host of ad tech names following the the Q1 prints, saying the ad market backdrop is improving.
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