Morgan Stanley analyst Matthew Cost raised the firm’s price target on AppLovin (APP) to $16 from $15 and keeps an Equal Weight rating on the shares following "solid" Q4 results that were "modestly ahead of expectations." While still cautious on the in-app advertising market in 2023, the firm said sequential stability in Q1 guidance "came as a positive surprise" and contends that " stability counts as a win in this environment." The stability AppLovin points to has a modestly positive read-through for Unity (U), Morgan Stanley added.
Published first on TheFly
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