AppLovin (APP) is expected to deliver forecast-beating Q4 results on Wednesday, but revenue from the new e-commerce segment could disappoint in the absence of a full-quarter contribution, Oppenheimer said Tuesday in a note.

The firm, however, expects "more constructive" management forecasts on e-commerce for the whole year to offset such a risk, saying the technology company remains the top pick in its coverage for the next 12 months.

Oppenheimer expects Q4 revenue of $1.28 billion and EBITDA of $780 million, implying 34% year-over-year growth and 61% EBITDA margins, compared with consensus estimates of $1.26 billion and $726 million, respectively.

For Q1, Oppenheimer expects revenue of $1.34 billion and EBITDA of $829 million, implying 26% growth and 62% margins, against consensus forecasts of $1.32 billion and $792 million, respectively.

The firm has outperform rating on the stock with a 12- to 18-month price target of $480.

Shares of AppLovin were down more than 3% in recent trading.

Price: 373.97, Change: -10.43, Percent Change: -2.71