Wells Fargo lowered the firm’s price target on AppLovin (APP) to $543 from $735 and keeps an Overweight rating on the shares. The firm notes the company reported Q4 results modestly below buy-side expectations, but better-than-expected Q1 guidance. Wells sees the results as a relief after several concerns emerged intra-quarter, but investors likely need clarity on web ads ramp and Meta (META) competition before reengaging on shares.
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