AppLovin price target raised to $460 from $335 at Citi

Citi raised the firm’s price target on AppLovin (APP) to $460 from $335 and keeps a Buy rating on the shares. The firm came away from hosting the company’s management incrementally more bullish on the firm’s growth prospects both in mobile gaming and eCommerce, and as a result is raising its forecast slightly and recalibrating its target multiple to better align with AppLovin’s peer group and growth prospects. Management pointed to continued model enhancements, early traction from the firm’s push into eCommerce, and the potential scope to improve conversion rates, the analyst tells investors in a research note.