Keefe Bruyette lowered the firm’s price target on AppFolio to $185 from $200 and keeps a Market Perform rating on the shares. Looking into 2024, the macro environment will continue to be an important driver for the real estate technology group, the analyst tells investors in a research note. The firm says lower rates and recovering transaction volumes should provide a tailwind to both investor sentiment and fundamentals. Keefe remains very selective with CoStar Group (CSGP) its top pick for 2024, followed by SmartRent (SMRT). It adjusted estimates and price targets as part of its 2024 outlook.
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