AppLovin rises after brokerages raise PT

** Shares of marketing platform AppLovin APP rise 3.1% to $659.65

** Brokerages UBS, Piper Sandler raise APP's PT

** UBS raises PT to $810 from $540

** Over the next 12 months, UBS expects APP to execute on a combination of demand and supply expansion initiatives to improve efficacy of Axon 2.0

** Web-based advertiser checks suggest solid demand for APP's referral program and opportunity to drive more awareness amongst agencies - UBS

** Piper Sandler raises PT to $740 from $500

** Product changes YTD via APP Partner Newsletters are impressive and may already be better than social peers excluding META, Piper says

** APP is expanding into a ~20x larger market and early signs point to potential to be a top advertising player - Piper

** Up to last close, APP had risen over 96% YTD