Overview

• UBS raised AppLovin’s price target to $810 from $540 with a Buy rating, citing progress on Axon 2.0 initiatives and strong advertiser interest in its referral program.
• Piper Sandler lifted its target to $740 from $500 and reiterated an Overweight rating on the same day as UBS.
• Oppenheimer earlier increased its target to $740 with an Outperform rating, lifting forecasts to $8.6 billion in revenue and $7.2 billion in adjusted EBITDA, including a higher non‑gaming revenue outlook of $312 million.
• The analyst moves follow a standout Q2 2025 in which AppLovin reported 77% year‑over‑year revenue growth, $1.26 billion in Software Platform revenue, and an 81% adjusted EBITDA margin.
• AppLovin has refocused on AI‑driven adtech—AXON, MAX, and AppDiscovery—after selling its Apps business to Tripledot Studios for $400 million.