Citi reiterates Buy rating on AppLovin with $600 target

Citi analyst Jason Bazinet reiterated a Buy rating and $600.00 price target on AppLovin Corp (NASDAQ: APP).

Bazinet cited data from Store Leads indicating that as of Sept. 18, AppLovin had 13,105 global eCommerce clients, a 5.1% increase from the prior week, which he described as the fastest rate of growth in five months.

The weekly gain was driven by 165 new stores in the U.S., representing a 2.9% week-over-week increase, approximately 285 new stores in Hong Kong, a 17.3% increase, and roughly 100 new stores in China, a 72.5% increase.

International stores grew 11.5% week-over-week, outpacing U.S. growth. As of Sept. 18, 57.2% of Shopify customers using AppLovin Ads were based in the U.S., down approximately 190 basis points from the prior week, while 19.2% were in Hong Kong, up approximately 180 basis points.

Quarter-to-date weekly store growth averaged 2.0%, suggesting an average store count of approximately 11,600 for the third quarter of 2026.

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