AppLovin (APP) received a new Strong Buy rating from Raymond James, highlighting its push into e-commerce advertising and AI-driven ad platform. The stock’s share price return is down 18.65% over the past 30 days but up 25.32% over 90 days, with a 1-year total shareholder return of 42.47%. Trading at US$498.76, AppLovin is flagged at an estimated 45% intrinsic discount and about 30% below one set of analyst price targets. According to the most followed narrative, a fair value of $625 per share sits above the last close, with TTM earnings at US$3.91 billion. At analyst consensus growth of 21% per year, earnings reach US$10.2 billion by 2031; applying a 25x P/E implies a US$255 billion market cap, and discounted back five years at 12% yields a base case intrinsic value of approximately US$625 per share, representing 27% upside. Key risks include high debt levels and the possibility that AXON’s e-commerce rollout underwhelms. At a 42.8x P/E, the stock trades above the wider US software sector on 27.2x.