Goldman Sachs lowered the firm’s price target on AppLovin (APP) to $585 from $710 and keeps a Buy rating on the shares. AppLovin’s Q4 report highlighted strong advertising revenue across gaming and non-gaming verticals, confidence in its AXON 2.0 platform amid competitive pressures, early promise in its eCommerce business, and continued high incremental margins, the analyst tells investors in a research note. While near-term concerns around competition may weigh on the stock, the company’s diversified business portfolio supports above-industry growth and a strong long-term margin profile, Goldman says.
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