AppLovin price target raised to $640 from $525 at Benchmark

Benchmark analyst Mike Hickey raised the firm’s price target on AppLovin (APP) to $640 from $525 and keeps a Buy rating on the shares. With self-serve, e-commerce, and international expansion set to unlock a significantly larger addressable market, AppLovin is entering its next phase of growth and the addition of the stock to the S&P 500 enhances visibility and institutional ownership, says the analyst, who reiterates AppLovin as a top idea.