AppLovin price target raised to $43.50 from $40 at Morgan Stanley

Morgan Stanley raised the firm’s price target on AppLovin to $43.50 from $40 and keeps an Equal Weight rating on the shares following Q3 results that the firm says “spoke to strong execution and share gains.” While its AXON machine learning engine “continues to shine,” the firm sees a balanced risk reward given meaningful uncertainties around the mobile gaming market and platforms, the analyst tells investors.