JPMorgan analyst Cory Carpenter raised the firm’s price target on AppLovin (APP) to $355 from $270 and keeps a Neutral rating on the shares. The company reported a Q1 beat and guided Q2 ahead of the Street, the analyst tells investors in a research note. The firm says its Neutral rating reflects risk that the shares could underperform in a weaker macro environment given AppLovin’s e-commerce exposure and less advertiser breadth than larger ad platforms.
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