AppLovin price target raised to $450 from $270 at Macquarie

Macquarie raised the firm’s price target on AppLovin (APP) to $450 from $270 and keeps an Outperform rating on the shares. AppLovin’s early foray into e-commerce advertising opens up an even larger potential market than its “highly successful” mobile gaming, the analyst tells investors in a research note. The firm estimates AppLovin’s e-commerce total addressable market at over $120B and believes the company can be successful. It raised the price target citing the company’s “robust financial profile and asymmetric e-commerce opportunity.”