These Analysts Revise Their Forecasts On AppLovin Following Q3 Results

AppLovin Corporation (NASDAQ:APP) on Wednesday reported better-than-expected third-quarter financial results and issued its fourth-quarter sales guidance above estimates.

AppLovin reported third-quarter revenue of approximately $2.19 billion, topping analyst expectations of $2.08 billion. The company also posted earnings of $4.30 per share, beating the consensus estimate of $4.07 per share.

For the fourth quarter, AppLovin forecast revenue between $2.365 billion and $2.395 billion, ahead of analyst estimates of $2.25 billion. The company expects adjusted EBITDA to range from $1.995 billion to $2.025 billion.

AppLovin shares jumped 16.5% to $316.50 in pre-market trading

These analysts made changes to their price targets on AppLovin following earnings announcement.

• BTIG analyst Clark Lampen maintained the stock with a Buy and raised the price target from $396 to $450.
• Wedbush analyst Alicia Reese maintained the stock with an Outperform rating and raised the price target from $560 to $600.
• Evercore ISI Group analyst Robert Coolbrith maintained the stock with an Outperform rating and boosted the price target from $510 to $540.
• Needham analyst Bernie McTernan reiterated the stock with a Buy and maintained a $475 price target.

Considering buying APP stock? Here’s what analysts think:

Photo via Shutterstock