** Shares of marketing platform AppLovin APP.O fall 4.8% to $224.97
** Jefferies lowers PT to $450 from $600
** Tariffs likely impact the e-commerce side of APP's business over mobile gaming, as many of the products are sourced internationally, Jefferies says
** Higher pricing from tariffs increases the return on advertising spend (ROAS) threshold APP needs to provide, and would impact both consumers' willingness to buy and advertisers' ability to spend against that ROAS - brokerage
** Jefferies says the removal of the de minimis tariff exemption for merchandise under $800 crossing the border to individual consumers would similarly raise e-commerce prices and cause the same ROAS math issues
** APP submitted a bid for TikTok assets outside of China last week; the country on Wednesday reiterated that any deal for TikTok had to comply with Chinese law
** Up to last close, stock down 27.3% YTD
(Reporting by Juby Babu in Mexico City)
((Juby.Babu@thomsonreuters.com;))
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