摩根大通：AppLovin-2025 年第一季度业绩强劲超预期后上调估值与目标价

J P M O R G A N North America Equity Research 07 May 2025 Neutral ▲Price Target (Dec-25):$355.00 Prior (Dec-25):$270.00 Internet - Mid & Small Cap Cory A Carpenter AC (1-212) 270-8125 cory.carpenter@jpmorgan.com Daniel Pfeiffer (1-212) 622-0161 daniel.pfeiffer@jpmchase.com Andrew Watts (1-212) 622-9400 andrew.watts@jpmorgan.com J.P. Morgan Securities LLC Key Changes (FYE Dec) APP, APP US Price (07 May 25):$303.46 | | Prev | Cur | | --- | --- | --- | | Revenue - 25E ($ mn) | 4,957 | 5,410 | | Revenue - 26E ( ...