Citi analyst Jason Bazinet maintained a Buy rating on AppLovin yesterday and set a price target of $820.00.
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Jason Bazinet has given his Buy rating due to a combination of factors that, in his view, outweigh the recent share weakness. He attributes the stock’s pullback largely to third-party data indicating a small week‑over‑week decline in the number of eCommerce clients using AppLovin’s Axon platform, rather than to any structural deterioration in the business. While total eCommerce clients have dipped modestly, he notes that Axon’s penetration among Shopify‑based merchants has been growing on a monthly basis and remains underpenetrated relative to the overall Shopify universe, suggesting meaningful runway for future adoption.
Bazinet also points out that the geographic mix is tilted toward the U.S., with Axon adoption among U.S. Shopify customers slightly increasing, which he views as a positive indicator for monetization and stability. In addition, he highlights that the average ranking of leading eCommerce firms using Shopify and Axon has improved, indicating that higher‑quality merchants are embracing the platform. Taken together, these factors lead him to view the recent client‑count softness as transitory and not reflective of the company’s underlying earnings power, supporting his Buy recommendation on the shares.
According to TipRanks, Bazinet is a 5-star analyst with an average return of 19.7% and a 66.60% success rate. Bazinet covers the Communication Services sector, focusing on stocks such as AppLovin, Spotify, and Vivid Seats.
In another report released today, Benchmark Co. also reiterated a Buy rating on the stock with a $775.00 price target.