A Citi analyst reiterated a Buy rating and $710.00 price target on AppLovin Corp (NASDAQ: APP), according to a press release statement.

Analyst Jason Bazinet cited data from Store Leads indicating that as of July 10, AppLovin had 10,471 eCommerce clients, a 2.4% increase from the prior week. U.S. store count reached 4,946, a 1.3% weekly increase.

For the second quarter of 2026, Bazinet expects an average store count of approximately 9,600, reflecting a deceleration in average weekly store growth from 3.1% in the first quarter of 2026 to 2.2% in the second quarter.

On geographic mix, 64.1% of Shopify customers using AppLovin Ads were located in the U.S. as of July 10, up approximately 20 basis points from the prior week. The share of stores in Hong Kong fell to 15.0%, down 850 basis points since last month but only 50 basis points from the prior week. Store Leads attributed recent Hong Kong trends to a concentrated group of dropshipping operators installing and uninstalling AppLovin Ads across multiple related storefronts.

Stores in the top two categories, Apparel and Beauty & Fitness, accounted for 41.3% of Shopify customers using AppLovin Ads, unchanged from the prior week. Among the five most popular eCommerce firms using Shopify and AppLovin Ads, the average store rank improved by one spot to 269.

Shares of AppLovin closed at $506.98 at the time of the report.