• The shares of AppLovin Corp (NASDAQ: APP) recently received a bearish $16 price target. These are the details.

The shares of AppLovin Corp (NASDAQ: APP) recently received a bearish $16 price target.

Price target: Reduced from $59 to $16

Rating: Downgraded from Buy to Neutral

Source: UBS

UBS analysts adjusted the rating while noting that they believe AppLovin’s software business is now well-positioned to benefit from growth in the app economy. And they believe macro uncertainty, measured ad spend, and lower visibility limit the upside to shares. Plus they lowered the estimates to reflect stable sequential trends in software due to lower spending in the current environment while apps see gradually improving revenue drops and more stable profits as management handles the business for cash