AppLovin price target raised to $50 from $46 at BTIG

BTIG analyst Clark Lampen raised the firm’s price target on AppLovin to $50 from $46 and keeps a Buy rating on the shares. The company’s Q3 results handily beat both consensus and investor expectations for revenue and EBITDA, while its forward guidance also appears to be “conservatively set”, the analyst tells investors in a research note. The takeaways are “largely positive” exiting AppLovin’s print, with FY23 and FY24 estimates “up substantially”, the firm added.