AppLovin price target raised to $360 from $250 at Wells Fargo

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.