REAL-TIME GLOBAL RESEARCH
Applovin (APP.O): Model Update
Research evidence excerpt
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06 Aug 2026 14:05:34 ET │ 13 pages
Applovin (APP.O)
Model Update
CITI'S TAKE
We are updating our model to reflect 2Q26 results and our latest outlook.
Following our update, our revenue estimates fall slightly. As such, we are
lowering our target price to $650, akin to 31x 2027E FCF. We maintain our
Buy rating.
Buy
Price (05 Aug 26 16:00)
US$417.80
Target price
US$650.00↓
from US$710.00
Expected share price return
55.6%
Expected dividend yield
0.0%
Expected total return
55.6%
Market Cap
US$139,817M
Jason B BazinetAC
EPS (US$)
Q1
Q2
Q3
Q4
FY
FC Cons
VA Cons
2025A
2.22A
2.26A
2.45A
3.24A
10.16A
9.75A
10.83A
2026E
3.56A
3.76A
4.04E
4.58E
15.88E
15.87E
16.16E
Previous
3.56A
3.82E
4.11E
4.65E
16.06E
na
2027E
na
20.79E
21.08E
21.37E
Previous
na
22.29E
na
2028E
na
27.67E
27.36E
27.35E
Previous
na
30.27E
na
Source: Company Reports and dataCentral, Citi Research. FC Cons: First Call Consensus. VA Cons: Visible Alpha Consensus.
Click here for Visible Alpha consensus data
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