BTIG analyst Clark Lampen raised the firm’s price target on AppLovin to $46 from $40 and keeps a Buy rating on the shares. The Axon 2.0 performance has continued to improve relative to the mid-Q2 launch, and feedback suggests 20%-30% ROAS rates vs. mid-teens prior as improvements continue to compound, the analyst tells investors in a research note. BTIG adds that it anticipates seeing a direct correlation between ROAS improvement and client spending, which bodes well for the company’s Q3 earnings.
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