These Analysts Increase Their Forecasts On AppLovin After Strong Q2 Earnings
AppLovin Corp reported strong Q2 earnings, with revenue of $1.26 billion and earnings per share of $2.39, surpassing analyst expectations. Following the announcement, AppLovin's stock rose 13.2% to $442.10. Analysts from Piper Sandler, Wells Fargo, Morgan Stanley, and Scotiabank raised their price targets for the stock, reflecting positive sentiment in the market.
Applovin Corp APP posted upbeat earnings for the second quarter on Wednesday.
AppLovin reported second-quarter revenue of $1.26 billion, missing analyst estimates of $1.31 billion, according to Benzinga Pro. The company reported second-quarter earnings of $2.39 per share, beating analyst estimates of $2.04 per share.
Applovin shares jumped 13.2% to $442.10 on Thursday.
These analysts made changes to their price targets on Applovin following earnings announcement.
- Piper Sandler analyst James Callahan maintained AppLovin with an Overweight rating and raised the price target from $470 to $500.
- Wells Fargo analyst Alec Brondolo maintained AppLovin with an Overweight rating and raised the price target from $405 to $480.
- Morgan Stanley analyst Matthew Cost maintained the stock with an Overweight rating and raised the price target from $460 to $480.
- Scotiabank analyst Nat Schindler maintained AppLovin with a Sector Outperform and raised the price target from $430 to $450.
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