AppLovin price target raised to $35 from $25 at Truist

Truist analyst Matthew Thornton raised the firm’s price target on AppLovin to $35 from $25 and keeps a Buy rating on the shares ahead of its Q2 results this week. Sentiment on the stock is high, with buyside likely above consensus amid a stabilizing end market and nascent product, algorithm cycle, and upgrade dynamics, the analyst tells investors in a research note. Truist also cites the recent mobile app data as well as commentary from public and private peers.