AppLovin price target raised to $17 from $14 at Benchmark

Benchmark analyst Mark Zgutowicz raised the firm’s price target on AppLovin to $17 from $14 and keeps a Sell rating on the shares ahead of the company’s Q2 report due on Wednesday, August 9. The firm’s price target now reflects “a much less conservative exit-EBITDA multiple,” but the firm’s “significantly lower” FY24 revenue trajectory relative to consensus’ implied material secular growth reacceleration “leaves a hard valuation case for us,” the analyst tells investors.