** Shares of AppLovin APP.O up 6% at $496.24 after analysts raised their price targets on the stock following better-than-expected results

** APP on track for biggest daily pct gain since mid-April and highest close since early March

** Co reported revenue rose 24.2% to $1.84 billion from a year ago; analysts had expected $1.77 billion - data compiled by LSEG

** Its adj EPS was $3.56, higher than analysts' estimates of $3.40

** APP's performance is partly driven by its AI-powered advertising engine, AXON, which matches users with relevant ads, increasing returns for its advertisers and monetization for app publishers

** Several analysts, including those from JPMorgan and UBS, hiked their PTs on APP

** 32 analysts cover APP, giving it an avg rating of "buy" and median PT is $665 -

** APP is down 26.1% YTD vs NASDAQ Composite Index's .IXIC 10.9% increase