Wells Fargo raised the firm’s price target on AppLovin (APP) to $633 from $491 and keeps an Overweight rating on the shares. The firm is expecting strong Q3 EPS, but is concerned that Q4 guide could fall modestly below. Q4 consensus revenue already implies web ad revenues of about double quarter-over-quarter and advertiser growth post 10/01 appears “steady,” but hasn’t yet inflected, in Wells’ view.
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