Wells Fargo raised the firm’s price target on AppLovin (APP) to $360 from $250 and keeps an Overweight rating on the shares as checks suggest strong e-commerce adoption and advertiser sentiment. Over the last week, the firm spoke with several advertisers participating in AppLovin’s e-commerce pilot program. Checks suggest ROAS on-par with leading digital channels, leading to rapid budget growth, Wells adds.
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Read More on APP:
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