Citi Maintains Buy Rating on AppLovin, Removes Catalyst Watch

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Summary · why it matters

Citi has removed its upside 90-day catalyst watch on AppLovin while maintaining a Buy rating and a $710 price target, citing expectations that e-commerce client ramp will slow following Axon's general availability. Earlier in June, Edgewater Research upgraded AppLovin to Outperform from Neutral. Last month, JPMorgan raised its price target to $515 from $500 with a Neutral rating, and Piper Sandler raised its target to $665 from $650 with an Overweight rating, calling Q1 results a clean beat and raise with revenue up 59% year-over-year and 3.8% above Street estimates. In May, AppLovin reported Q1 earnings per share of $3.56 on revenue of $1.84 billion, exceeding the consensus estimate of $1.78 billion.

Impact on stocks 4

Artificial Intelligence▲ · 1 stocks
Applovin Corp
APP
± MixedCapitalrelevance

Citi maintains Buy rating and $710 PT but removes catalyst watch, citing expected slowdown in e-commerce client ramp; mixed signals.

Cloud & Digital Infrastructure▼ · 1 stocks
Axon Enterprise Inc.
AXON
▼ NegativeDemandrelevance

Article mentions e-commerce client ramp for AppLovin's Axon platform may slow, implying potential demand headwind for Axon Enterprise's products.

Digital Finance & Tokenization▲ · 1 stocks
Financials▲ · 1 stocks

Off-coverage companies 1

Edgewater ResearchPrivate± Mixed
relevance

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