AppFolio among fastest growers in vertical software, says JPMogan

JPMorgan reiterates the firm’s “high conviction” Overweight rating on AppFolio following the company’s investor day. AppFolio is among the fastest growers in the vertical software group and is a high-quality asset with a solid balance between revenue growth and margin expansion, the analyst tells investors in a research note. The firm thinks this business “can be comfortably printing” a 30%-plus EBITDA margin in the mid term as management looks to reach a mid-term $1B revenue target.