AppLovin price target raised to $38 from $28 at Benchmark

Benchmark analyst Mark Zgutowicz raised the firm’s price target on AppLovin (APP) to $38 from $28 and keeps a Sell rating on the shares following what the firm calls “another impressive Software Platform print.” While calling 2023 “a remarkable rebound from the collapse in ’22,” the firm says comparisons now get tough, particularly in Q3 and Q4, when it expects Software Platform revenue to see consecutive sequential declines. The firm continues to see major terminal value risk to AppLovin pertaining to the elimination of Google’s (GOOGL) GAID and Apple’s (AAPL) iOS fingerprinting signal powering its platform, the analyst tells investors.