JPMorgan analyst Cory Carpenter lowered the firm’s price target on AppLovin (APP) to $500 from $650 and keeps a Neutral rating on the shares. The company reported revenue growth of 18% quarter-over-quarter, slightly below investor expectations of 20%, the analyst tells investors in a research note. The firm believes Meta will remain an overhang for AppLovin shares and it thinks the most bullish e-commerce expectations are likely to be slightly tempered coming out of earnings.
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