AppLovin price target raised to $65 from $51 at BTIG

BTIG analyst Clark Lampen raised the firm’s price target on AppLovin to $65 from $51 and keeps a Buy rating on the shares. The analyst cites the company’s Q4 earnings beat while noting that although there seems to be less needle-moving progress with the CTV and on-device businesses, there are other opportunities that potentially offer greater upside. The firm adds it may have misread and underappreciated the opportunity within the core mobile gaming market, given the conundrum of relatively lackluster sector revenue trends vs. a seemingly stronger new launch UA backdrop and product cycle.