AppLovin price target raised to $260 from $180 at Oppenheimer

Oppenheimer raised the firm’s price target on AppLovin (APP) to $260 from $180 and keeps an Outperform rating on the shares. The firm notes Q3 results prove once again that investors underestimated how soon AXON 2.0 can deliver another step-up in performance, how quickly margin can expand, and how long operating leverage can sustain. Even without contribution from e-commerce, AppLovin’s business/financial models justify a much higher multiple, Oppenheimer adds.