Morgan Stanley raised the firm’s price target on AppLovin (APP) to $750 from $480 and keeps an Overweight rating on the shares. The launch on October 1 of AppLovin’s self-serve tool for non-gaming, the AXON Ads Manager, will be a “key catalyst” that the firm expects will prove that the company can “tap into billions of ad dollars outside the game industry,” the analyst tells investors. A successful self-serve launch would be “the most important proof point yet” on the scalability of AppLovin’s non-gaming advertising product, the analyst contends.
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