Goldman Sachs analyst Eric Sheridan raised the firm’s price target on AppLovin (APP) to $630 from $445 and keeps a Neutral rating on the shares as part of a broader research note previewing Q3 results in Digital Advertising names. The firm remains confident that AppLovin can drive sustained 20% or more in ad revenue growth from its core mobile gaming segment over the next 3 years, driven by a combination of steady industry growth, positive secular tailwinds, and modest market share gains, the analyst tells investors in a research note.
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