Core Viewpoint - AppLovin Corporation is successfully expanding beyond gaming, with significant growth in non-gaming revenue driven by international expansion, referral program adoption, and seasonal advertising spend [1] Group 1: Revenue Forecasts - BTIG analysts raised their price forecast for AppLovin to $664 from $547, maintaining a Buy rating [1] - The brokerage forecasts fourth-quarter 2025 non-gaming revenue of $531 million, up from a prior estimate of $369 million [2] - For the full year 2026, non-gaming spending is projected to reach $2.58 billion, an increase from $2.13 billion previously, lifting total revenue and EBITDA forecasts to $8.19 billion and $6.84 billion, respectively [3] Group 2: Advertising and Market Position - Late August channel checks indicated about a 50% intra-quarter improvement in return on ad spend, with marketers scaling campaigns based on total returns [4] - AppLovin is positioned to expand into new verticals such as commerce, financial services, healthcare, and automotive, creating an incremental advertising opportunity of $245–$285 billion [5] Group 3: Market Share and Valuation - AppLovin accounts for about 4% of client spend, ranking behind only Meta and Alphabet, indicating strong performance and incrementality [6] - BTIG's valuation is based on a 32.5x multiple of the 2026 estimated software EBITDA, adjusted for -$1.6 billion in net cash, with bull and bear cases implying outcomes of $819 and $201, respectively [6] Group 4: Strategic Initiatives - AppLovin is recognized as a top pick due to improvements in Axon 2.0, deeper penetration into non-gaming categories, and the upcoming rollout of a self-serve dashboard [7]