AppLovin price target raised to $57 from $52 at BofA

BofA raised the firm’s price target on AppLovin (APP) to $57 from $52 and keeps a Buy rating on the shares. Axon 2, AppLovin’s next generation machine learning technology, drove Software revenues “well above even BofA’s Street high” estimates, the analyst tells investors in a post-earnings note. AppLovin attributed outperformance to Axon 2.0, not market conditions or developers and publishers defecting from Unity (U), noted the analyst, who believes management guidance “remains cautious.”