BTIG initiated coverage of AppFolio with a Buy rating and $215 price target as the analyst launched coverage on four companies in the PropTech sector. As an innovator in the “high-barrier-to-entry” Property Management Software market, AppFolio successfully gained market share and drove 30%-plus top-line growth in FY23, the analyst tells investors. While the firm acknowledges the outperformance in shares, which are up 65% year-over-year, it sees multiple levers for shares to continue to compound higher.
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