Analysts Back AppLovin as Axon Expands Into E‑Commerce

Overview

• Evercore ISI initiated coverage on January 14 with an Outperform rating and an $835 price target, projecting at least 30% annual revenue and EBITDA growth from 2025 to 2028.
• Citi’s Jason Bazinet maintained a Buy on January 20 with an $820 target, citing rapid client adoption of Axon, deeper penetration among Shopify merchants, and a U.S.-heavy customer base.
• Shares have climbed about 85% since early May 2025, supported by rising revenue, improved margins, analyst endorsements, and prior capital actions.
• AppLovin sold its Apps business to Tripledot Studios for $400 million in cash and equity on June 30, 2025, and the board lifted repurchase authorization by $3.2 billion with buybacks executed in Q3 2025.
• A January short‑seller report from CapitalWatch alleged wrongdoing, which the company denied, introducing reputational risk even as bullish views persist.