AppLovin price target raised to $41 from $35 at BofA

BofA raised the firm’s price target on AppLovin to $41 from $35 and keeps a Buy rating on the shares. Q3 guidance implies 47% year-over-year Software growth, but the firm raise its own Q3 estimates above that outlook as it believes management guidance “remains cautious.” The firm’s FY23-FY25 estimates are higher after the report as it sees a “multi-year growth story emerging,” the analyst tells investors in a post-earnings note.