AppLovin price target raised to $68 from $57 at BofA

BofA analyst Omar Dessouky raised the firm’s price target on AppLovin to $68 from $57 and keeps a Buy rating on the shares after a Q4 beat and Q1 revenue guidance that was above the Street and “likely buyside” views. The firm doubts “the buyside modeled continued sequential quarterly growth in AppDiscovery for the entirety” of calendar year 2024, says the analyst, who raised the firm’s 2024 bookings estimates.