Wells Fargo analyst Alec Brondolo raised the firm’s price target on AppLovin (APP) to $735 from $721 and keeps an Overweight rating on the shares. Ahead of quarterly results, the firm is raising Q4 revenues 3% on strong mobile game checks. Web ads trends are mixed, Wells says, adding that advertisers are positive on prospecting but existing advertiser wallet share should be about flat year-over-year. The firm sees Q1 consensus as a high bar given APP history of conservative guidance. Overall, Wells sees another tough setup.
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