Wells Fargo raised the firm’s price target on AppLovin (APP) to $405 from $386 and keeps an Overweight rating on the shares. The firm notes the company reported much better-than-expected Q1 results/Q2 guide vs. a backdrop of investor trepidation created by multiple short reports. Outperformance comes before the global launch of self-service, which is likely to cause yet another inflection, Wells adds.
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