AppLovin price target raised to $57 from $49 at Credit Suisse

Credit Suisse analyst Stephen Ju raised the firm’s price target on AppLovin to $57 from $49 and keeps an Outperform rating on the shares following quarterly results. The firm notes that outperformance on revenue and adjusted EBITDA versus Credit Suisse’s estimates was largely driven by Software, which accelerated to grow 28% year-over-year and accounted for 54% of the revenue mix.