AppLovin: Axon-Driven eCommerce Adoption and Higher-Quality Shopify Clients Support >40% Upside and Buy Rating

Citi analyst Jason Bazinet has maintained a Buy rating on AppLovin with a price target of $820. He cites strong Axon-driven eCommerce adoption and improved customer quality as key factors. The number of eCommerce clients using Axon has significantly increased, particularly among Shopify merchants, indicating substantial growth potential. Bazinet also notes that the average traffic ranking of top Axon-Shopify merchants has improved, suggesting higher-quality clients are adopting AppLovin's technology. Despite potential short-term risks, he believes the operational trends support his positive outlook. Piper Sandler also maintains a Buy rating with a $800 target.