Axon-Driven Growth and Expanding Shopify Penetration Support Buy Rating on AppLovin

In a report released yesterday, Jason Bazinet from Citi maintained a Buy rating on AppLovin, with a price target of $710.00.

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Jason Bazinet has given his Buy rating due to a combination of factors tied to AppLovin’s Axon-driven growth and expanding customer base. His work with Store Leads data shows a steady increase in eCommerce clients and rising penetration among Shopify merchants, suggesting that Axon is gaining traction even though overall Shopify penetration is still relatively low, leaving ample runway for further adoption.

Bazinet also highlights encouraging qualitative trends, including improving geographic and category diversification, with Hong Kong emerging as a particularly strong international growth contributor. He interprets the broader mix of verticals and the strong international uptake as supportive of more durable, less concentrated revenue growth, which, combined with an implied upside of more than 80% to his target price, underpins his positive stance on the stock.

According to TipRanks, Bazinet is a 5-star analyst with an average return of 14.7% and a 58.06% success rate. Bazinet covers the Communication Services sector, focusing on stocks such as AppLovin, Roblox, and Spotify.

In another report released yesterday, TipRanks – OpenAI also upgraded the stock to a Buy with a $429.00 price target.