BenchmarkanalystMark ZgutowiczmaintainedAppLovin Corp(NASDAQ:APP) with a Sell and raised the price target from $17 to $22.

He continues to weigh the sustainability of near-term Software Platform (SP) momentum, specifically efficacy-led growth, and secular industry concerns, including Apple's next shot across the MAX mediation bow with fingerprinting.

Management credited most, if not all, recent SP momentum to AXON 2.0 efficacy improvements vs. macro lift, and he continue to assess the sustainability and magnitude of forward efficacy revenue momentum. He acknowledges that its mediation business is a competitive data play under developer confinements to MAX API.

However...