AppLovin price target raised to $155 from $110 at Citi

Citi raised the firm’s price target on AppLovin to $155 from $110 and keeps a Buy rating on the shares. The firm sees “multiple paths” for AppLovin to achieve its targeted software revenue growth of 20% to 30%, including incremental share gains of mobile gaming ad spend, higher take rates, and a likely expansion into e-commerce ad budgets. The analyst increased estimates and the target price to reflect confidence in the AppLovin and its potential growth trajectory.