AppLovin price target lowered to $386 from $538 at Wells Fargo

Wells Fargo analyst Alec Bonello lowered the firm’s price target on AppLovin (APP) to $386 from $538 and keeps an Overweight rating on the shares. The firm sees favorable setup into Q1 EPS. Checks suggest continued healthy mobile game growth in Q1, strong e-commerce customer additions; sees mid-single digit ad revenues upside. Macro/tariffs likely impacts Q2 e-commerce ad spend, Wells says, adding that it still expects guide to bracket.