Citi analyst Jason Bazinet has maintained their bullish stance on APP stock, giving a Buy rating on December 17.
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Jason Bazinet has given his Buy rating due to a combination of factors that highlight strengthening fundamentals in AppLovin’s Axon business. He points to the steady increase in the number of eCommerce clients using Axon and the particularly strong traction among Shopify-based merchants as evidence that the product is gaining meaningful market acceptance. Even though Axon’s penetration of the broader Shopify universe is still modest, the month‑over‑month growth rate signals significant runway for further adoption and revenue expansion.
In addition, Bazinet emphasizes that Axon is seeing more balanced geographic uptake, with a gradual shift away from a heavy U.S. concentration, which he interprets as organic, international momentum despite limited marketing spend. He also notes that higher‑profile eCommerce merchants, as indicated by improving (lower) store‑rank metrics, are increasingly experimenting with Axon, suggesting rising credibility and influence within the ecosystem. Taken together with an attractive implied upside in the expected share price return, these operating and adoption trends underpin his conviction that AppLovin shares merit a Buy rating.
In another report released on December 17, BTIG also maintained a Buy rating on the stock with a $771.00 price target.