AppLovin price target raised to $48 from $37 at Wedbush

Wedbush analyst Nick McKay raised the firm’s price target on AppLovin to $48 from $37 and keeps an Outperform rating on the shares. The firm notes AppLovin’s positive momentum continued into Q2, with the rollout of its AXON 2.0 machine learning technology contributing to a record performance for the high-margin Software Platform business. Wedbush expects Q3 to benefit from the first full quarter of AXON 2.0 contribution, and views guidance for the period as well within reach.