AppLovin price target raised to $87 from $67 at Wedbush

Wedbush raised the firm’s price target on AppLovin to $87 from $67 and keeps an Outperform rating on the shares. Over the near term, the firm sees the potential for AppLovin to exceed its Q1 2024 guidance and views the Street’s Q2 2024 expectations as being favorable relative to the initial guide. Wedbush likes the risk/reward profile of the stock at these levels, even after a tremendous run.