AppLovin price target lowered to $450 from $630 at UBS

UBS lowered the firm’s price target on AppLovin (APP) to $450 from $630 and keeps a Buy rating on the shares. Check feedback suggests the Q1 mobile gaming user acquisition environment was stable through the quarter and this should carry into Q2, the analyst tells investors in a research note. Fear around the short report allegations is starting to settle, but confidence remains fragile and willingness to prescribe a 40x+ EBITDA multiple is near zero, the firm says, and while channel check feedback remains healthy, UBS doesn’t expect Q1 to deliver a major algorithm tweak.