AppFolio upgraded to Overweight, Shares Jump 11%
Analysts at Stephens upgraded AppFolio (NASDAQ:APPF) from Equal Weight to Overweight and increased the price target from $184.00 to $212.00. As a result, shares surged more than 11% intra-day today.
The upgrade is based on the company's recent leadership changes and strategic moves aimed at improving profit margins. The analysts noted that the focus on profitability has been a missing piece in the AppFolio story, and they expect these changes to lead to a shift toward profitable growth.
The analysts predict that AppFolio has the potential to exceed expectations and raise the outlook for 2023, which could result in higher consensus estimates for this year and the next. Looking further ahead, the analysts see a positive trajectory for the company with above-average revenue growth compared to peers and a substantial expansion in profit margins, potentially reaching +680 basis points in 2024.
| Symbol | Price | %chg |
|---|---|---|
| CRM.BA | 20389.5 | -0.17 |
| GOTO.JK | 50 | 0 |
| 263750.KQ | 43550 | 1.03 |
| GOOGL.SW | 1077.82 | 0 |
AppFolio Started With Overweight Rating at JPMorgan
JPMorgan initiated coverage on AppFolio (NASDAQ:APPF) with an Overweight rating and a $200 per share price target. The firm suggests that the stock offers an attractive opportunity in the US residential real estate sector.
The company operates solely in the US and serves over 19,000 customers managing more than 7.7 million units on its platform. With a profitable track record, AppFolio's past three-year revenue growth has been driven by an increase in platform units and an expansion of Average Revenue Per User (ARPU).
AppFolio Started With Overweight Rating at JPMorgan
JPMorgan initiated coverage on AppFolio (NASDAQ:APPF) with an Overweight rating and a $200 per share price target. The firm suggests that the stock offers an attractive opportunity in the US residential real estate sector.
The company operates solely in the US and serves over 19,000 customers managing more than 7.7 million units on its platform. With a profitable track record, AppFolio's past three-year revenue growth has been driven by an increase in platform units and an expansion of Average Revenue Per User (ARPU).
