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BofA analyst Wamsi Mohan noted that Apple's App Store revenue growth in fiscal Q3-to-date has grown to $2.6B, or up 7% year-over-year through April 30, according to SensorTower data. Mohan, who said that this is a modest re-acceleration compared to about 6% year-over-year revenue growth in fiscal Q2, has a Buy rating and $200 price target on Apple shares.

Once Netflix's subscriber base began to contract, investors stopped viewing the firm as a growth stock, and given its lack of free cash flow, value investors are unsure how to assess the company, Citi analyst Jason Bazinet tells investors in a research note. "As such, Netflix's equity does not have a natural investor base," says the analyst. He believes the company has two options: introduce a lower priced advertising tier or monetize account sharing. Bazinet believes an ad based tier, which he expects in 2023, will allow Netflix to resume subscriber growth and help narrow the $5B gap between free cash flow and net income. Monetizing account sharing, on the other hand, is unlikely to improve beyond current levels, he contends. The analyst thinks a successful launch of an ad tier would likely cause the shares to reach Citi's target price of $295. Bazinet keeps a Buy rating on Netflix.

Benchmark analyst Mark Zgutowicz lowered the firm's price target on Snap (SNAP) to $20 from $40 and keeps a Buy rating on the shares, arguing that the Q2 preannouncement coming just one month after Q1 earnings "could spell the end of Snap's iOS fingerprinting benefits." Whether or not Apple (AAPL) puts the kibosh on all fingerprinting -opted in or out users- at its upcoming developer conference, the practice was a band aid and Snap's own first-party data, in concert with its targeting/measurement solutions, must deliver competitive return-on-ad-spending, or ROAS, said Zgutowicz, who has reduced his FY22 and FY23 revenue and EBITDA forecasts "meaningfully."