AppLovin price target raised to $530 from $460 at Jefferies

Jefferies raised the firm’s price target on AppLovin (APP) to $530 from $460 and keeps a Buy rating on the shares. Despite “highly impressive” 71% year-over-year ad revenue growth, the firm believes “the fastest growth still lies ahead,” the analyst tells investors. AppLovin only has 0.1% of the total addressable advertisers on its platform with likely less than 1000 web-based advertisers, with self-serve “a potentially major growth unlock,” says the analyst, who adds that Q2 revenue growth guidance of about 4%-5% quarter-over-quarter appears conservative and likely doesn’t embed a benefit from self-serve tools rolling out.