Wells Fargo raised the firm’s price target on AppLovin (APP) to $633 from $491 and keeps an Overweight rating on the shares. The firm is expecting strong Q3 EPS, but is concerned that Q4 guide could fall modestly below. Q4 consensus revenue already implies web ad revenues of about double quarter-over-quarter and advertiser growth post 10/01 appears “steady,” but hasn’t yet inflected, in Wells’ view.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on APP:
- RBC starts AppLovin at Outperform, sees outsized growth continuing
- AppLovin initiated with an Outperform at RBC Capital
- ‘Buy the Pullback’ in AppLovin Stock (APP), Says Top Bank of America Analyst
- Is AppLovin (APP) Stock a Smart Buy After the Data Probe Selloff?
- AppLovin lack of 8K implies informal SEC inquiry, says BofA