Applovin Upgraded to BUY by Phillip Securities Following Strong Q4 Earnings

Phillip Securities Research upgraded Applovin Corp. to BUY from ACCUMULATE. The new price target is US$600.

The upgrade follows the fourth-quarter 2025 earnings report. Revenue grew 66% year-over-year. Revenue reached $1.66 billion. PATMI increased 84%. PATMI reached $1.1 billion.

The AXON engine drives monetization efficiency. The platform generates over US$11 billion in annual ad spend.

The FY26 revenue forecast fell 15% due to the early-stage e-commerce vertical. The PATMI forecast rose 3% on improved cost optimization.