AppLovin price target raised to $810 from $540 at UBS

UBS analyst Chris Kuntarich raised the firm’s price target on AppLovin (APP) to $810 from $540 and keeps a Buy rating on the shares. The firm reiterates AppLovin as a top pick, saying the company over the next 12 months will execute on initiatives that could improve the efficacy of Axon 2.0 and drive estimate and valuation expansion. The analyst’s upside case for the stock is now $1,000. Web-based advertiser checks suggest solid demand for AppLovin’s referral program, the analyst tells investors in a research note.