AppLovin price target raised to $180 from $105 at Oppenheimer

Oppenheimer raised the firm’s price target on AppLovin (APP) to $180 from $105 and keeps an Outperform rating on the shares. The firm also updated its 2025 estimates to reflect higher conviction in AppLovin’s ability to maintain over 20% annual growth of Software Platform business from mobile game customers. Additionally, Oppenheimer added $200M incremental contribution from e-commerce customers to Software Platform revenue in 2025. The firm is turning incrementally positive on 2025 outlook based on management’s progress with its e-commerce expansion, long-term growth runway from mobile games, and operation leverage.