Piper Sandler Backs AppLovin With $800 Target, Downplays Google’s Genie Risk

Overview

• Piper Sandler reiterated Overweight with an $800 price target, calling Google’s Project Genie a research prototype that is unlikely to threaten AppLovin’s model.
• The firm cited sellers.json estimates showing roughly 30% year-over-year total supply growth and app-ads.txt signals of at least low–double-digit growth across MAX.
• Piper Sandler noted reports of more aggressive Meta bidding for off-platform mobile gaming inventory but characterized the activity as early tests.
• Benchmark reaffirmed Buy with a $775 target, arguing Genie-style AI tools change creation workflows but do not directly impair AppLovin’s discovery and monetization role.
• Earlier calls remain constructive, with Evercore ISI at Buy/$835 and Needham upgrading to Buy/$700 after raising 2026 e-commerce revenue estimates to $1.45 billion.