AppLovin (APP) Price Target Raised to $515 After Q1 Earnings Beat

AppLovin Corporation (APP) received a price target increase to $515 from $500 by JPMorgan following a first-quarter earnings report that exceeded expectations. In Q1, APP outperformed its earnings per share (EPS) by $0.12, and projected revenues are estimated between $1.915 billion and $1.945 billion for the upcoming period. Deutsche Bank and Piper Sandler also raised their price targets for APP to $660 and $665 respectively. CEO Adam Foroughi announced that starting June, advertisers can use the new Axon platform to launch campaigns, which is anticipated to significantly impact company growth.