AppLovin price target raised to $270 from $150 at Macquarie

Macquarie raised the firm’s price target on AppLovin (APP) to $270 from $150 and keeps an Outperform rating on the shares after the company’s beat and raise Q3 report. The firm, which raised its 2024 adjusted EBITDA estimate to $2.6B from $2.4B and its 2025 estimate to $3.2B from $2.9B, notes that it shifted its valuation method to “straight EV/EBITDA, given the predominance of the Software Platform now.”