Stifel analyst David Pang raised the firm’s price target on AppLovin to $36 from $22.50 and keeps a Buy rating on the shares ahead of the company’s Q2 report due on August 9. Overall sentiment has been improving, notes the firm, which expects management to provide Q3 guidance with this update that should reflect further stabilization in the mobile app market with potential contributions from the rollout of AXON 2.0. The firm sees further upside for the Software Platform business that should enhance free cash flow generation going forward, added the analyst in the firm’s preview.
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