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Benchmark starts AppLovin with Sell ahead of stalling growth
The Fly

Benchmark starts AppLovin with Sell ahead of stalling growth

Benchmark analyst Mark Zgutowicz last night initiated coverage of AppLovin with a Sell rating and $7 price target. The analyst is cautious on AppLovin’s near-term business fundamentals and long-term competitive positioning and expects "additional meaningful estimate revisions ahead." Near-term, he expects AppLovin’s software platform enterprise client growth to stall meaningfully beginning in the first half of 2023 against difficult compares. Longer term, advertising platforms "without a bedrock" of first-party data, including AppLovin, will see monetization of consumer engagement "steadily decline," contends Zgutowicz.

Published first on TheFly

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