** Brokerage Morgan Stanley upgrades marketing platform AppLovin APP.O to "overweight" from "equal weight", trims PT to $350 from $470
** New PT still represents 27.3% upside to the stock's last close
** Brokerage notes that APP has consistently outperformed the in-app advertising market since '23
** APP is well-positioned to outperform due to its strong foundation, which includes high exposure to direct response budgets, a history of innovation-driven outperformance in its end market, and robust fundamentals and valuation support -Morgan Stanley
** Brokerage believes the company's non-gaming advertising product has started strong, particularly in e-commerce, and is expected to drive significant revenue growth
** "We lower our estimates and price target to account for greater macro uncertainty and our bear case now assumes a consumer-led recession in 2025"- Brokerage
** 22 out of 27 brokerages rate the stock "buy" or higher, 4 rate "hold", 1 rate "sell" and median PT is $535 as per LSEG data
** Including session's moves, APP stock down 15.1% YTD
(Reporting by Padmanabhan Ananthan)
((Padmanabhan.Ananthan@thomsonreuters.com))
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