AppLovin price target raised to $693 from $664 at BTIG

BTIG raised the firm’s price target on AppLovin (APP) to $693 from $664 and keeps a Buy rating on the shares after the firm recently conducted two surveys of gaming and non-advertising professionals that use AppLovin, Unity (U), and a variety of other performance advertising platforms. For AppLovin, the firm picked up signs of strong non-gaming spending trends in Q3 and plans to ramp gaming spend in Q4, though commentary on the non-gaming referral program was more mixed than expected, the analyst tells investors.