AppFolio Edges Higher Following KeyBanc Upgrade
2022.04.08 22:32
By Sam Boughedda
Investing.com — AppFolio Inc (NASDAQ:APPF) shares gained 1.8% Friday after KeyBanc analyst Jason Celino upgraded shares of the company to overweight from sector weight.
KeyBanc is “incrementally positive” on the property rental markets and has alleviated competitive concerns, the analyst said in a note to clients.
Celino added that there are strong industry data points around occupancy and rent growth, and there has been positive feedback from several AppFolio customers.
As a result, they see a “favorable (and underappreciated) spend environment for property management end markets, which could lead to growth upside in 2022 and support modest multiple expansion.”
The analyst set a $143 price target on the stock, which currently trades around the $113 mark.
So far in 2022, AppFolio shares are down 7.05%, while they have tumbled 21% in the last 12 months.
